MINING companies are readying expansion plans in the country.
Eulalio Austin Jr., Philex Mining president and chief executive officer, said on the sidelines of the Mining Philippines Policy Forum in Mandaluyong City yesterday, the company remains hopeful it could soon start its nickel exploration in Pangasinan where its application for a permit has been “sleeping for so long.”
Philex Mining has started exploration activities in Zambales early this year with a technical evaluation eyed to be completed by 2025.
Austin said the Silangan gold and copper mine in Surigao del Norte will be in full commercial operations by 2026. The original timeline was 2025.
Austin said Silangan is experiencing delays in the delivery of equipment because of the long lead time to manufacture them in Europe, Canada and Australia.
Dante Bravo, Global Ferronickel Holdings Inc. (FNI) president, said the company is in talks with two companies, one Asian and the other European, for possible nickel ore processing investments in the country.
“We think the showcase of Chinese technology and Indonesia will help the Philippines in terms of efficiency. (Nickel ore processing plants) will not require as much investments as they used to when (processing plants were) first put up in Indonesia. In terms of volume, probably for the same amount of investment, we can produce more in the Philippines,” Bravo said.
FNI said with the “saturation” of investments in ore processing in Indonesia, developers may opt to go to the Philippines.
But Bravo said the fiscal regime and the ease of doing business in mining in the country will have to be addressed.
Bravo said FNI eyes to fund its planned ore processing plant through a combination of equity, loan from both the technology provider and the miner and if possible, from the government.
Bravo also said FNI will likely take a minority share in the plant now that foreign firms are allowed to own majority of companies engaged in ore processing.
“The preliminary economic assessment takes time to be finished,” Bravo said.
FNI is the second largest nickel ore producer in the country and is diversifying its investments to include value-added nickel processing and cement manufacturing as well as in port operations and logistics.
