China mining giants commit $1B infusions

10/16/2009

Two of China’s largest mining companies have signified interest to invest $1 billion for local projects.

A memorandum of understanding was signed between Environment Secretary Joselito Atienza, and Chen Jinghe, chairman of Zijin Mining Group Co. Ltd. and Jerry Angping, president of Nihao Mineral Resources International Inc., after making a courtesy call on President Arroyo this morning.

Also present was Philippine National Railways Commissioner Mike Defensor.

In an interview, Atienza said the two firms wanted to invest in gold and copper exploration despite the country’s “strict mining laws.”

He said the two companies were prepared to spend $1 billion in five years.

The investments would include gold and copper explorations in “potential areas” in the Philippines.

Jose Francisco Miranda, chief operations officer of Nihao Mineral Resources, said that gold prices were on the rise, and his company was fully aware of the fact.

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