The total investments in major mining projects in 2015 reached US$ 924.94 Million, down by 22.5% from the total investments of US$ 1.193 Billion in 2014.

These are attributed mainly to the continuing expansion of four (4) operating mining projects and one (1) new mining project in construction stage, as follows:

Philex Mining Corporation's Sto. Tomas Copper Project in Tuba, Benguet: US$44.98 Million;

Taganito HPAL Nickel Corporation's Surigao Sumitomo HPAL Project in Claver, Surigao del Norte: US$180.00 Million;

CTP Construction and Mining Corporation's SIRC Nickel Project in Claver, Surigao del Norte: US$47.30 Million; and

FCF Minerals Corporation's Runruno Gold Project in Quezon, Nueva Vizcaya: US$41.40 Million.

The Runruno Gold Project is in the construction stage, which is expected to commence commercial operation during the first semester of 2016.

Other new mining projects also began to infuse substantial investments in 2015, such as:

Hallmark Mining Corporation and Austral-Asia Mining Link Mining Corporation's Pujada Nickel Project in Davao Oriental: US$20.5 Million;

Nationwide Development Corporation's King-king Copper-Gold Project in Compostela Valley: US$145.00 Million; and

Silangan Mindanao Mining Company, Incorporated's Silangan Copper-Gold Project in Surigao del Norte: US$32.00 Million.

Investments in new mineral exploration projects posted US$78.97Million, down also by 44.23% from last year's investment of US$141.6Million.

By: Leo L. Jasareno
Director, Mines and Geosciences Bureau