Philippines Mining Report 2014

BMI Research
May 7, 2014
87 Pages - SKU: BMI5239966
Countries covered: Philippines

Philippines Mining Report 2014

BMI View: The looming exit of Glencore Xstrata's stake in the US$5.9bn Tampakan copper-goldproject reinforces our conviction that mining investment in the Philippines will become less attractiveamidst the downturn in commodity prices over the coming years. Despite rice mineral deposits in thecountry, resource nationalism will remain an issue as the Philippine government looks to implement moreonerous regulatory reforms in the mining space.

We believe the retreat of commodity prices and fading attraction of frontier mining will continue to dampencapital flows into the Philippines' mining space over the coming years. As spotlighted by the pending exit ofGlencore Xstrata from the USD5.9bn Tampakan project in South Cotabato, the country is unlikely toexperience a mining boom anytime soon. In January 2014, Glencore Xstrata announced its decision to sellits stake in the mine in a bid to prune its portfolio and focus on the development of brownfield projects. TheTampakan project, with an estimated 15mn tonnes (mnt) of copper and 18mn ounces (moz) of gold, wouldbe the single largest foreign direct investment in the country. To be sure, investment in exploration andmining projects in the Philippines between 2004 and 2012 reached US$5.8bn, according to the Mines andGeosciences Bureau.



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