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TOKYO (via PLDT) – Sumitomo Metal Mining Co., Japan’s second-largest copper smelter and biggest nickel producer, is expanding its operations in the Philippines by more than $1 billion, officials said yesterday.

Sumitomo president Koichi Fukushima relayed his company’s plan to President Arroyo during their meeting yesterday at the Imperial Hotel where the presidential delegation is billeted.

Mrs. Arroyo arrived here on Tuesday for a four-day visit that was highlighted by talks with Japanese Prime Minister Shinzo Abe and her keynote address before the 13th Nikkei Conference on “The Future of Asia” yesterday.

Among those ccompanying her are Foreign Affairs Secretary Alberto Romulo, Trade and Industry Secretary Peter Favila, Finance Secretary Margarito Teves, Press Secretary Ignacio Bunye, Press Undersecretary Jose Capadocia, Sen. Miriam Defensor Santiago, and Albay Rep. Edcel Lagman.

Also in the meeting were Takuro Mochinara, senior managing executive officer; and Nobumasa Kemori, managing executive officer, and Salvador Zamora, president of Taganito Mining Corp.

“Prospects are very good because of the worldwide shortage in nickel and skyrocketing metal prices,” Bunye said.

During their 30-minute meeting, Fukushima briefed President Arroyo on his company’s Coral Bay nickel project in Palawan with Taganito Mining Corp. Philippines owned by the Zamora family.