Chinese Mining Firm to invest $1bln in Philippines

Oct. 16 MetalBiz--One of China's largest gold producers has formally signified its interest to invest 1bln U.S. dollars in gold and copper exploration in the Philippines over the next five years, Malacanang said on October 15.

Malacanang said in a statement that Zijin Mining Group Company, Ltd., through its chairman, Chen Jinghe, signed a Memorandum of Understanding with Environment Secretary Joselito Atienza at the latter's office on October 15.

Atienza said that Zijin's "intention to invest...was clearly stated" in the MOU, which was inked shortly after Chen and Jerry Angping, president of local partner Nihao Mineral Resources International, paid a courtesy call on President Arroyo at the Bahay Pangarap in Malacanang Park.

Quoting Atienza, a Palace statement said that Zijin is prepared to spend 1bln U.S. dollars in gold and copper exploration in the Philippines over a five-year period in spite of the country's "strict mining laws."

In its official website, Zijin, which is listed in the Hong Kong Stock Exchange, describes itself as a "high-tech benefit-oriented super-large international mining group centered on exploration and development of gold and base metals."

Formerly known as the Fujian Province Shanghang County Mining Co., Zijin has holding subsidiaries in 20 provinces in China and seven countries and has become China's largest owner of metal mineral resources, its largest gold producer, its third largest copper producer, and one of China's six major zinc makers.