Philippines expects gold production to quadruple by 2000

摘要

Philippine gold and copper production will probably quadruple by 2000 on the back of liberal mining laws that have drawn strong interest from foreign companies. "We can quadruple gold and copper production in five years," Joel Muyco, director of the Philippines Bureau of Mines and Geosciences told neuters. The influx of mining companies are from Australia, Canada and the United States. They have been lured by a new mining law that al-lows companies a 100 percent stake and a reduction in excise taxes to 2 percent from 5 percent, he said.