Cebu has 3rd largest mining investment

Cebu has the third largest mining investment in the country, according to the Department of Environment and Natural Resources.

The DENR recently announced that from 2004 to 2007, the Carmen Copper Corporation spent the third largest mining investment for the rehabilitation of the Carmen Copper Project in barangay Don Andres Soriano in Toledo City.

Since taking over the mining site in Toledo City from Atlas Consolidated Mining and Development Corporation (ACMDC), Carmen invested about $169 million out of the $1.4 billion total investment in the country in the last three years.

Over 63 companies have been engaged in mining explorations, and mining operation and development in the country.

According to the DENR report, the biggest slice of the investments amounting to $304.59 million came from the Palawan HPAL Nickel Project (Line 1), which is operated by Coral Bay Mining Corporation (CBMC) in Rio Tuba, Bataraza in Palawan.

CBMC is a Filipino-Japanese joint venture involved in nickel mining. The company’s expansion project cost an additional US$230 million in 2007.

The second largest investment, which amounted to $230 million, came from Palawan HPAL Nickel Project (Line 2), an expansion project that is also being operated by CBMC in Bataraza, Palawan.

DENR Secretary Lito Atienza said around 30,000 jobs are being projected to be generated by the mining sector from 2008 to 2010

Since the start of the mining revitalization program in 2004, some 6,500 new jobs have already been generated by the industry. — Ferliza C. Contratista/LPM