Japan, Korea eye mining investments in Nueva Vizcaya

BAYOMBONG, Nueva Vizcaya — Two foreign firms were considering a partnership with an Australian mining company on further oil exploration in this landlocked province. The firms were also specifically interested in exploring the potential of the area’s gold and copper resources.

Robert Thomson, chief executive officer of Climax Mining Ltd., the parent company of the Australasian Philippines Mining Inc. (APMI), also known as Climax Arimco Mining Corporation (CAMC) which won the contract for the controversial multi-billion peso Didipio Gold-Copper Project here, said that his company is presently holding talks with "potential investors" here.

Thomson said that the Pan Pacific Copper of Japan and LG International of South Korea have expressed interest in investing as "equity partners and off-takers" in the Didipio project.

Last month, Environment Secretary Michael Defensor approved the technical feasibility proposal for the gold and copper project in Barangay Didipio in Kasibu town. The Nueva Vizcaya provincial board also endorsed the Didipio project last Sept. 8 amid a series of protest actions from the Catholic Church-led anti-mining advocates here, which described the project as "anti-people, anti-environment and anti-development."

"LG and Pan Pacific are interested in taking both equity and off-take agreements. These companies are interested in investing now that we have approvals, and we have government confirming the feasibility study," Thomson said.

He said that more investors were approaching them for business partnership for the Didipio project "because of the improving position of the Philippines for investment in mining and particularly the support from President Arroyo and Defensor."

"Pan Pacific has demonstrated a long commitment by putting money in the Philippines. It has interests in Philex Mining’s Padcal operations near Baguio through direct investment and is purchasing part of the concentrate for shipping to Japan," said Thomson in a statement e-mailed to The STAR yesterday.

Likewise, he said that the Korean groups have recently invested into Lafayette’s Rapu Rapu project in the Bicol region. More foreign investors, he added, are also interested in other APMI exploration projects here.

"The Koreans just conducted a field visit to Didipio, and Pan Pacific will be here next month (October)," he said. Both foreign firms will be here for the ASEAN Mining Conference also in October.

Didipio, located in the remote mountain boundary of Nueva Vizcaya and Quirino, is about four hours from this capital town. Its Dinkidi Hill, the center of the proposed mining operation, is believed to have gold and copper deposits worth at least P30 billion, which will be mined for 15 years if the project pushes through.

Didipio’s adjacent areas were also believed to have gold and copper deposits. The municipality of Nagtipunan of Quirino province, which also claims the Didipio area, has endorsed the Didipio project, despite earlier rejection expressed by the Kasibu municipal council.

"The Lord blessed the Philippines with some of the richest mineral resources in the world as well as my country, Australia. It is my earnest prayer that the Philippines can also harness this bountiful gift like Australia has for over 150 years," Thomson said. — Charlie Lagasca