Toledo Mining Corporation

Friedland considering investments:

"Purisima described Friedland as one of the most successful mining entrepreneurs in the world having discovered the largest copper mine in the world in Mongolia, as well as the largest nickel find in Canada several years ago.


Friedland, according to Purisima, said the decision of the High Tribunal is a “very good” development as only 1 percent of the potential of the Philippines in mining has been tapped and there is 99-percent mining potential that has not yet been explored.


“There are still a lot of mineral resources waiting to be tapped. Friedland’s interest in the Philippine mining sector is a testament to the wisdom of the SC’s decision. It also heralds the renewed interest of foreign investors to grab a chunk of the country’s mining industry,” he added.Friedland’s Ivanhoe Mines is currently developing a major new discovery of gold and copper at the Turquoise Hill (Oyu Tolgoi) Project in southern Mongolia.


Ivanhoe Mines has a $1-billion gold and copper resources exploration program in Mongolia and China. It also has exploration programs in Australia, Kazakhstan, Myanmar, Vietnam and South Korea.


Purisima said there are already several big-ticket mining projects requiring huge capital infusion that would be registered with the Board of Investments (BOI). Major mining projects include Coral Bay Nickel Corp. (P8.13 billion); Lafayette Phils. Inc. (P2.75 billion); Filminera Resources Corp. ($100 million); Climax-Arimco Mining Corp. ($133 million); Sagittarius Mines Inc. ($1 billion), Philnico Nickel Smelting Project ($1 billion); and the King King Copper-Gold Project ($532 million).


Mining is considered as an important component of the Philippine economy. "