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Global Mining Firm Eyes Philippines
MANILA, Dec 20 Asia Pulse - The Ivanhoe Capital Corporation (ICC), one of the world's leading mining companies, has expressed interest in the possibility of investing in the country after the Supreme Court recently decided to allow foreign companies to explore and develop the country's mineral resources.
President Gloria Macapagal-Arroyo welcomed ICC Chairman Robert Friedland and ICC legal representative Edward Rochette during a courtesy call at the Malacanang's Music Room on Friday.
Accompanying them were Trade and Industry Secretary Cesar Purisima and Philip Romualdez, who represented the local mining chamber.
ICC's Ivanhoe Mines, with operations in the Asia Pacific region, is a producer of copper, gold and iron ore products. The company's sales revenue in 2003 was US$89.7 million.
Purisima said ICC would likely tie up with Lepanto and Benguet Mines in exploring mineral deposits and promoting mining entrepreneurship in the country.
Purisima said Friedland, who was due to proceed to China on Saturday, would be back in Manila next year for a mining conference scheduled from February 2 to 4.
Purisima said ICC has discovered the largest copper deposit in Mongolia and the largest nickel deposit in Canada.
Currently, Ivanhoe Mines is evaluating coal, copper and gold discoveries in central and southern Mongolia and exploring for copper and gold in the Chinese province of Inner Mongolia and in Australia.
A study conducted by the National Economic and Development Authority (NEDA) has placed the potential mining wealth of the Philippines at $840 billion (P47 trillion), or 10 times the country's annual gross domestic product (GDP), and 15 times more than the total foreign debt of $56 billion.
MANILA, Dec 20 Asia Pulse - The Ivanhoe Capital Corporation (ICC), one of the world's leading mining companies, has expressed interest in the possibility of investing in the country after the Supreme Court recently decided to allow foreign companies to explore and develop the country's mineral resources.
President Gloria Macapagal-Arroyo welcomed ICC Chairman Robert Friedland and ICC legal representative Edward Rochette during a courtesy call at the Malacanang's Music Room on Friday.
Accompanying them were Trade and Industry Secretary Cesar Purisima and Philip Romualdez, who represented the local mining chamber.
ICC's Ivanhoe Mines, with operations in the Asia Pacific region, is a producer of copper, gold and iron ore products. The company's sales revenue in 2003 was US$89.7 million.
Purisima said ICC would likely tie up with Lepanto and Benguet Mines in exploring mineral deposits and promoting mining entrepreneurship in the country.
Purisima said Friedland, who was due to proceed to China on Saturday, would be back in Manila next year for a mining conference scheduled from February 2 to 4.
Purisima said ICC has discovered the largest copper deposit in Mongolia and the largest nickel deposit in Canada.
Currently, Ivanhoe Mines is evaluating coal, copper and gold discoveries in central and southern Mongolia and exploring for copper and gold in the Chinese province of Inner Mongolia and in Australia.
A study conducted by the National Economic and Development Authority (NEDA) has placed the potential mining wealth of the Philippines at $840 billion (P47 trillion), or 10 times the country's annual gross domestic product (GDP), and 15 times more than the total foreign debt of $56 billion.
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