The Philippines government plans to sell off some of the state-owned idle mine projects in Surigao and Negros to raise capital to infuse into its economy.
According to media reports, the country’s finance secretary Carlos Dominguez indicated the cabinet’s plan to dispose of the Basay copper mine in Negros, which has an estimated mineral reserve of 262mn mt, graded at 0.44pc Cu and the entire Nonoc nickel project near Surigao city which held reserves of 144.7mn mt, grading 1.1pc Ni.
Apart from the two highlighted mines, the country also wants to get rid of any other dormant mines, which currently remain undisclosed, to inject more cash into the economy.