Xinhua reported that one of China's largest gold producers has formally signified its interest to invest USD 1 billion in gold and copper exploration in the Philippines over the next 5 years.

Malacanang said in a statement that Zijin Mining Group Company through its chairman Mr Chen Jinghe signed a MoU with Environment Secretary Mr Joselito Atienza at the latter's office.

Mr Atienza said that Zijin's intention to invest was clearly stated in the MOU, which was signed shortly after Mr Chen and Mr Jerry Angping, president of local partner Nihao Mineral Resources International, paid a courtesy call on President Arroyo at the Bahay Pangarap in Malacanang Park.

Mr Atienza said that Zijin is prepared to spend USD 1 billion in gold and copper exploration in the Philippines over a 5 year period despite the country's strict mining laws.

Formerly known as the Fujian Province Shanghang County Mining Company, Zijin has holding subsidiaries in 20 provinces in China and seven countries and has become China's largest owner of metal mineral resources, its largest gold producer, its third largest copper producer and one of China's 6 major zinc producers.

(Sourced from Xinhua)