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Author Topic: Washington Says PH has Trillions of Dollars in Gold Reserve  (Read 9225 times)

A7x

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06/04/2015 – Manila | The Philippines is on top of the lists of  countries with the most untapped mineral deposits worth around two to four trillion US dollars  according to US Department of State report in Philippine Economy.

During the late President Marcos era in 1970s and 1980s, the country ranked among the top 10 leading gold and copper producers worldwide. Today’s mining industry is just a fraction of what the Philippines had three to four decades ago, the Washington-based agency said.

“Low metal prices, high production costs and lack of investment in infrastructure contributed to the industry’s overall decline,” the State Department said in the report, which the US Embassy in Manila has posted on its website.The report also noted that government support and promotion is another factor why the Philippine mining industry declines.

Some local government also bans mining companies citing environmental destruction and, unequal distribution of tax revenues, unemployment caused by displacement of especially farmers and small-scale miners, and marginalization of indigenous people, the agency said.

According to the State Department report, “Philippine copper, gold and chromite deposits are among the largest in the world.”

“Other important minerals include nickel, silver, coal, gypsum and sulfur. The Philippines also has significant deposits of clay, limestone, marble, silica, and phosphate. Natural gas reserves discovered off Palawan have been brought on line to generate electricity,” it said.

The said report on Philippine economy also stated that the lack of understanding on proper mining procedures and technology leads to declining mining industry. It also added that if proper mining procedure is applied, Philippines could be the world’s biggest supplier of chromite, gold, silver, and nickel and could bring the country from poverty to instant progress.

The current government has no visible plan on how to use the country’s precious mineral resources to augment its annual budget.

The Philippines is going in working direction by focusing on exporting labor force instead of minerals that are highly precious and could save the whole country from poverty in the future, the report said.

The earlier report that one of the biggest palladium deposits was found in the country has been verified true by the USGS but the government has no plan on what to do next to utilize the country’s rare resources, the agency said.

freeyourmind

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Re: Washington Says PH has Trillions of Dollars in Gold Reserve
« Reply #1 on: June 07, 2015, 04:07:20 am »
its been long time time mined through illegal means..brought again by your corrupt politicians..