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Mining firms pour $1.311 B on expansion projects in ’13

MANILA, Philippines - Investments in the mining sector grew 61.4 percent, exceeding the target last year on continued capital expenditures of existing mining projects as well as potential big ticket projects that are still in the pre-development stage.

“These are all continuing investments, no new investments were made last year,” said Mines and Geosciences Bureau (MGB) Leo Jasareno.

Mining investments last year went to the Palawan HPAL Project of Coral Bay Nickel Corp., a joint venture of Japanese firms Sumitomo Metal Mining Co., Mitsui & Co., Sojitz Corp. and Filipino firm Rio Tuba Nickel Mining Corp.

Other recipients were the Canatuan silver-gold project of TVI Resource Development Philippines. (TVIRD), the Teresa Gold Project of Lepanto Consolidated Mining, nickel projects of Surigao Integrated Resources Co. in Surigao del Norte, Philsaga Co-o Gold Project of Philsaga Mining Corp., Toledo Copper Project of Atlas Mining and Development Corp., and the Didipio copper-gold project of Oceanagold Corp.