BRITISH FIRM CD Processing Ltd. has invested P583 million in its ore sortation facility in Cebu, a pioneer project approved by the Board of Investment (BOI).
Department of Trade and Industry (DTI)
Undersecretary and BOI managing head Ceferino Rodolfo told the Philippine News
Agency that the British firm’s unit will be involved in reclaiming valuable
copper-bearing ore from low-grade ore discarded by copper mines.
CD Processing (Philippines) Inc. will be providing
ore sortation solution to Carmen Copper Corp. in Cebu, generating 63 jobs. “This
is now in the processing side, not only mining,” Rodolfo said.
Copper industry is identified as one of the five
priority areas under the country-wide “Make It Happen in the Philippines”
investment campaign launched by DTI.
Aside from copper, other key sectors include
aerospace, automotive, electronics, and information technology and business
process management.“These are the sectors which we believe would be able to
bring investments,” Rodolfo said.
He added that the “Make It Happen in the
Philippines” campaign also seeks to address the value chain gap of local
sectors like the copper industry.
The country is one of the largest copper producers
in the world, with reserves of around 4 billion metric tons. In 2018, the
country’s copper exports amounted to USD1.9 billion.
Apart from extracting and exporting copper only to
import its finished products, the DTI eyes to attract investments in
processing, wire rod casting facilities, and manufacturing of higher-value
copper-based products.
Rodolfo said the DTI will be launching the Leyte
Ecological Industrial Zone (LEIZ) Program next month.LEIZ Program aims put up
integrated copper processing facilities through industry clustering.
It will also capitalize on the existing capabilities
and infrastructure in the province of Leyte, which has the Leyte Industrial
Development Estate that houses two international ports which can service panamax
vessels of up to 60,000 to 70,000 tons.(Kris
Crismundo)
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