Jp Morgan To Invest In Rp MiningPublished by MAC on 2007-02-28
Source: Balita ()
JP Morgan to invest in RP mining
28th February 2007
JP Morgan, one of the biggest investment bank in the United States, said Wednesday it will finance major international mining companies that are investing in the Philippines.
Senior JP Morgan officials called on Department of Environment and Natural Resources (DENR) Secretary Angelo Reyes this afternoon and informed him the bank is negotiating with a number of "mining majors" who signified intentions of putting investments in the country's mining industry.
In a press conference, Hong Kong-based JP Morgan Securities (Asia-Pacific) Ltd. Ivor Orchard said due to worldwide demand for metal, it is interested in investing in gold, copper and nickel projects.
"The legal framework is in place. And we see that the Philippine government is very supportive to the industry," he added.
The Supreme Court earlier upheld the constitutionality of the 1997 Mining Act which opened up the sector to foreign investments.
Reyes said the arrival of major mining investors in the country, including JP Morgan, "is a clear manifestation that the Philippine mining industry is back in business."
The Philippine government is promoting investment in mining to foreign investors as estimates reveal there are about US$ 1 trillion worth of copper, gold, nickel and zinc deposits still unexplored. (PNA)