Investment in mining in Philippines to soar to $2.8 billion in 2011

According to the announcement made by the Mines and Geosciences Bureau of the Philippines' Department of Environment and Natural Resources, Chinese corporations have been showing interest in investing in the Philippines' mining industry following the recent visit of President of the Philippines Benigno S. Aquino III to China. Accordingly, it is estimated that total investment in the mining industry in the Philippines in 2011 is likely to reach $2.8 billion, which is double the initial target.
 
The Mines and Geosciences Bureau stated that they are in contact with Chinese corporations on a daily basis and that it is expected there will be some formal investments from China in the fourth quarter this year