With the lifting of the moratorium on the acceptance of new mining permit applications, mining investments in 2013 are expected to surpass the target of $718 million for 2013.
Mines and Geosciences Bureau (MGB) Leo Jasareno said that while the bureau is keeping its investment targets for the year, fresh investments could reach $1 billion.
“A $1 billion mining investment is achievable,” said Jasareno. “We see a positive outlook in the mineral development sector and the revised target of $718 million will likely be surpassed.”
He said applications for 1, 200 mining areas that were previously cancelled by the MGB with finality when the two year moratorium on the acceptance of mining permit applications was imposed would now be opened to new applications.
“We expect mining companies, both foreign and local to start applying for exploration permits,” said Jasareno. “We will expedite the processing of applications for new exploration permits and make sure that we will act on the application within the prescribed period of six months upon filing.”