Through its wholly owned subsidiary; Asiapac Minerals Co. Ltd., AsiaPac is seeking to develop a number of promising mineral properties in the Philippines. The Philippines are recognized as having rich resources in its extensive mountain ranges, ranging from Gold to Silver; Copper; Iron ore; Chromites; Managanese; Nickel; and Coal.
As reported in Businesweek1, in February, 2005, the country’s Supreme Court finally ruled that the law opening up mining to foreign companies, who may now retain a 100% interest in their projects, is constitutional — putting the Philippines squarely back on the world mining map. Investors from the Australia, the U.S., China, Japan, and elsewhere have flocked to the country looking for opportunities. In 2005, more than $300 million in new mining investment came in
Reportedly, the government wants to attract some $6 billion in new investment by 2010 to develop 23 projects it sees as promising. “We now hope to capture the imagination of people all over the world,” says Michael Defensor, Secretary of the Dept. of Energy and Natural Resources in the Philippines. “The government is supporting companies in a big way.”
One of the key benefits of the Philippines mining industry is the low cost labor pool and year-round mine operation capabilities, as well as government policies open to foreign investment and development.
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