Friday, 26th January 2007 (2385 views)

With Philippines officials allegedly planning on opening up the city of Diwalwal on Mindanao island to large mining companies, locals have said they wish to continue exploring the area.

Gold digger Franco Tito, who is the chief of Diwalwal, explained to the International Herald Tribune that he does not wish to give up his "only source of livelihood".

On the other hand, Horacio Ramos, director of the state-run mines and geosciences bureau in Manila, said that he wants the gold deposits developed by big businesses as "they could be worth nothing" unless they are invested in imminently.

Integral to the improvement of the Philippines economy is the plan proposed by the government to lure some $6.5 billion (£3.3 billion) worth of investment to 24 different sites that could have a cumulative gold, copper and nickel deposit that is worth $500 billion (£255 billion).

Two companies mooted as possible investors in the city of Diwalwal's deposits are Newmont Mining and AngloGold Ashanti, while Harmony Gold plumped not to bid for the site after visiting the area last year.

One factor putting off potential suitors is the volatility of Diwalwal and Mindanaoan senator Aquilino Pimentel stated in December last year that the rights of small-scale miners should be respected.

 

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