A Filipino company has sought an exploration permit for copper, gold and silver deposits in three provinces, the first to file an application this year with the Mines and Geosciences Bureau (MGB) in Central Mindanao.

Tao Mohin Resources Corp. paid about P800,000 in fees last week in its bid to explore almost 15,000 hectares, said Hernani G. Abdon, chief of the MGB-Central Mindanao records and licensing division.

Reynaldo L. Royeca, Tao Mohin director, said they were eyeing deposits in the towns of Lake Sebu in South Cotabato, Palimbang in Sultan Kudarat and Maitum in Sarangani.

Constancio A. Paye, Jr., the Mines bureau regional director, urged other mining investors to consider the region’s vast mineral resources to help improve the government’s collection from the mining sector this year and hit its investment target.

He urged prospective mining investors to take a look at North Cotabato’s resource potential, noting that almost all areas in South Cotabato, Sultan Kudarat and Sarangani have been applied for by various Filipino and foreign mining firms.

The government likely failed to meet its original mining investment target of $1 billion last year, as mining companies failed to fund projects amid tightening global credit.

The Mines bureau earlier said investments in the first half had reached only $260.64 million, including $68 million in the first quarter. Mining investments last year were likely flat at $630 million.

This year, the government is seeking to cut its original target of $1.8 billion to $800 million to $1 billion.

The government is hard pressed to attract investors to its mining sector since the Supreme Court upheld the law allowing full foreign ownership of the mineral resources.

But as of the first half of last year, mining investments totaled only $1.718 billion since 2004, data from the Mines bureau showed.

The Philippines sits atop an estimated $1 trillion worth of unexplored copper, gold, nickel and zinc reserves.

Central Mindanao hosts the largest undeveloped copper resources in the country and the rest of Southeast Asia — the Tampakan project, which is being pursued by Sagittarius Mines, Inc. and its foreign partners.

“Once Sagittarius goes into commercial production, the area’s economic progress is expected to [speed up],” Mr. Paye said.

Majority of the Tampakan project, which is still in the exploration stage, is owned by Swiss miner Xstrata Copper. Australian miner Indophil Resources NL, owns a third of the venture, is seeking to sell the stake to the Alsons group. Church and environmental groups have opposed the project due to environmental and health concerns.

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