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BoI pitches green metals investments to US, Canadian, Australian companies

REUTERS

THE Board of Investments (BoI) said on Monday that it has invited US, Canadian, and Australian firms to invest in Philippine green metals and mineral processing operations.

In a statement, the BoI said that the Philippine business delegation made the pitch on the sidelines of the Prospectors & Developers Association of Canada 2024 conference. The conference highlighted the Philippines as a hub for innovation and sustainability-driven industries.

“With its strategic location and abundant human and natural resources, the country aims to emerge as the preferred destination for priority sectors such as electric vehicles (EVs), smart manufacturing, semiconductors and electronics, green metals, high-tech agriculture, renewable energy (RE), and data centers or telecommunications,” the BoI said.

It added that the country’s abundant mineral resources — approximately 9 million hectares of land with potential for copper, nickel, iron, chromite, cobalt, gold, and rare earth elements — will be needed for the global energy transition.

“Our intention right now is to have our minerals processed locally to supply local industry needs or export higher-value materials,” said Ma. Corazon Halili-Dichosa, BoI executive director for industry development services.

The BoI said that the companies the Philippine delegation presented to are from the mining, mineral processing, battery materials, consultancy, and academic sectors. 

No commitments were received during the event.

“However, several follow-through meetings are being arranged for companies seeking partnerships in mineral processing. Notably, one company expressed interest in visiting the Philippines in the third quarter,” it added.

Also, part of the Philippine business delegation were the Chamber of Mines of the Philippines and the Philippine Nickel Industry Association, which highlighted three major copper-gold projects: King-king, Tampakan, and Silangan.

On March 15, the Philippines, through the Department of Environment and Natural Resources, granted a mineral production sharing agreement to Makilala Mining Co., Inc., which is a subsidiary of Australian exchange-listed exploration and development company Celsius Resources.

The project, called Malinao-Caiguna-Biyog Mining Project, is located in the Cordillera Administrative Region and is the first copper project to be approved in the Philippines in 15 years.

The permit allows the company to undertake exploration for 25 years within the contract area, which covers approximately 2,500 hectares, and is renewable for another 25 years. — Justine Irish D. Tabile

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