Fujian Zijin Mining Group to invest $ 1 billion in Philippines |
| Date Added: October 16, 2009 06:12:50 AM |
| Author: |
| Category: Solar & Recycling Energy |
| One of China's largest gold producers has formally signified its interest to invest $ 1 billion in gold and copper exploration in the Philippines over the next five years, Malacañang said yesterday. In a statement, Malacañang said Zijin Mining Group Company Ltd., through its chairman, Chen Jinghe, signed a Memorandum of Understanding with Environment Secretary Joselito Atienza fiberglass mesh tape. Atienza said Zijin's "intention to invest...was clearly stated" in the MOU, which was signed shortly after Chen and Jerry Angping, president of local partner Nihao Mineral Resources International, paid a courtesy call to President Arroyo at the Bahay Pangarap in Malacañang. A Palace statement quoted Atienza as saying that Zijin is prepared to spend billion in gold and copper exploration in the Philippines over a five-year period despite the country's "strict mining laws." In its official website, Zijin,Woven Roving which is listed in the Hong Kong Stock Exchange, describes itself as a "high-tech benefit-oriented super-large international mining group centered on exploration and development of gold and base metals." Formerly known as the Fujian Province Shanghang County Mining Co., Zijin holds subsidiaries in 20 provinces in China and seven countries. |
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