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Thursday March 1, 12:44 AMJP Morgan to invest in Philippines mining sector
Senior JP Morgan officials for the region called on Environment and Natural Resources Secretary Angelo Reyes here and informed him the bank is in talks with a number of "mining majors' that they did not name which are intending to invest in the Philippines. With buoyant global metal demand, JP Morgan would be interested in investing in gold, copper and nickel projects, Ivor Orchard of Hong Kong-based JP Morgan Securities (Asia Pacific) Ltd told a news conference later. "The legal framework is in place. And we see that Philippine government is very supportive to the industry," Orchard added. Andrew Little, technical director for JP Morgan Australia said the Philippines, whose Supreme Court has upheld the constitutionality of a 1997 Mining Act that opened up the sector to foreign investment, has world class deposits of minerals. "The arrival of mining majors and the arrival of JP Morgan, the leading business banker, is a clear manifestation that the Philippine mining industry is back in business," Reyes told the news conference. |
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