China's Zijin Mining Group (2899.HK: Quote) (601899.SS: Quote) is eyeing up to $1 billion in investments in gold and copper projects in the Philippines within five years, the Philippine environment secretary said on Thursday.
China's largest listed gold company signed a memorandum of understanding on Thursday with the Philippine government to signify their interest to enter into mining ventures in the Southeast Asian country.
"It's an MOU where their intention to invest was clearly stated," said Jose Atienza, environment and mining secretary.
"They can look for a local partner," Atienza said, adding Zijin has initially linked up with local mining firm NiHAO Mineral Resources International Inc (NI.PS: Quote).
Zijin has been actively pursuing acquisitions of mineral resources outside China and had made initial investigations into various overseas projects. In July, it ended share acquisition talks with a Kazakhstan gold company. [ID:nHKG254016].
The global downturn has hurt the Philippines' mining sector, with the government cutting its investment target for this year to just over $600 million, down from an initial target of up to $1 billion. [ID:nMAN316441] (Reporting by Rosemarie Francisco; Editing by Lincoln Feast)
