Wednesday, 27th February 2008 (1104 views)

Foreign investment in the Philippine gold mining sector is expected to grow this year, the country's chamber of mines has said.

Manila Standard Today reports that a 20 per cent expansion in the amount invested by foreign bodies is predicted by government officials in the Philippines.

Australia, China, Korea and Canada are among the countries expected to up their stake in the country's mining for gold and other commodities in 2008.

"Government is cashing in on the mining sector because of its contribution to capital formation and multiplier effects in community development," said the chamber.

The department of environment and natural resources in the Philippines this month announced the formation of regional minerals development councils, designed to attend to the interests of mining companies.

Sustainable development was highlighted by environment secretary Lito Atienza, the report notes.

President of the Philippines Gloria Macapagal-Arroyo recently extended the role of local government units in the sustainable development of the minerals industry.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.