Subject: [cwj 37] Sumimoto Metal Mining to Invest US$98 MLN in the Philippines
From: Corporate Watch in Japanese <>
Date: Thu, 15 Jun 2000 12:36:32 -0700
Seq: 37

Wednesday, June 14 5:52 PM SGT 

Japanese Mining Firm to Invest US$98 MLN in the Philippines

MANILA, June 14 Asia Pulse - Japanese firm Sumimoto Metal Mining Corp
(SMMC) plans to invest US$98 million to set up its nickel smelting
operations in the country.

SMMC is entering into a joint venture with Rio Tuva Nickel Inc. (RTNI), a
Filipino owned mining company, to build a nickel smelting plant in the
province of Palawan. The latter owns a nickel mine.

SMMI and RTNI are currently conducting a detailed feasibility study on the
project that will employ a new smelting technology.

Construction of the smelting plant will start next year and commercial
production is expected to start in 2003.

Board of Investments Governor Antonio Leviste said the Philippine mining
industry was critical to the country's economy.

"Our country ranks among the first five countries in the world in terms of
rich mineral deposits. And this gives us the potential to become very
attractive to investors and competitive with our Asian neighbors," he said.

"There is no other industry that is more capital intensive than the mining
industry," he added.

The BOI created in 1998 the Mining Industry Assistance (MINA) Desk which
has extended assistance to investors on a one-on-one basis.

BOI managing head Raul Hernandez is geared at institutionalizing the MINA
Desk by organizing a taskforce that will look for solutions to problems
frequently encountered in the mining industry.

The taskforce will include, aside from the BOI, officials of the Department
of Environmental and Natural Resources, Department of Trade and Industry,
Department of Tourism, Department of Interior and Local Government,
Catholic Bishops Conference of the Philippines, and other representatives
from the private sector.


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