Chinese mining firm to invest $1 billion in RP

MANILA, Philippines - One of China’s largest mining firms has expressed interest in investing $1 billion on gold and copper projects in the country in the next five years, Malacañang said yesterday.

Environment Secretary Joselito Atienza has signed a memorandum of understanding with Chen Jinghe, Zijin Mining Group Co. Ltd. chairman, after mining officials called on President Arroyo at the Palace yesterday.

Jerry Angping, Nihao Mineral Resources International president, also joined the courtesy call with Philippine National Railways chairman Michael Defensor.

Atienza said the two firms also signed a separate partnership agreement.

The two firms want to go into gold and copper exploration, he added.

Atienza said Zijin officials informed him that they are prepared to spend $1 billion in the next five years.

Jose Francisco Miranda, Nihao Mineral Resources International chief operations officer, said gold prices are on the rise, and his company is fully aware of this.

Nihao’s expertise lies in exploration, development and operation of mineral properties, metallic and non-metallic. – Paolo Romero