The Philippine Online Chronicles

New investments in the country’s mining sector could reach $2.8 billion, twice as much as the earlier forecast and the highest annual figure since the sector was liberalized in 2005, a senior official said yesterday.

Mines and Geosciences Bureau director Leo Jasareno said the initial investment goal of $1.4 billion could double if Chinese investors who expressed interest in nickel, iron and manganese ventures during President Benigno Aquino III’s recent China trip actually put their money into the sector.

''When we made our projections, we did not take into account potential investments from China,'' Jasareno said in a report. ''So that $1.4 billion is now a conservative estimate. Once Chinese funds come in, it may double.''

The announcement also came as the Chamber of Mines of the Philippines said it was willing to pour in $13 billion over the next four and a half years if the government improves the approval process.

At least five major mining projects, worth $8 billion in all, set to start from 2012-2016, will be announced today at the National Mining Conference. The figure does not include the $5.9 billion Tampakan project of Xtrata Plc in southern Philippines, according to a report.

Meanwhile, environmental activists are calling for a moratorium on approval of mining permits, urging the government to pursue a “pro-people mining policy.”

In a demonstration yesterday near the venue of the ongoing mining conference in Pasay City, the activists called for a halt on destructive mining practices by foreign-dominated corporations.

"Hindi naman kami anti-mining. Ang tinututulan namin yung dayuhang control ng mining operations sa bansa para sa tubo," Kalikasan People's Network for the Environment national coordinator Clemente Bautista said.