A FILIPINO and Chinese joint venture will start constructing next month a steel manufacturing plant in southern Philippines, which is expected to be fully operational within four years, according to the Philippine partner.
The $1-billion smelting plant, located in Zamboanga Sibugay province on the western side of Mindanao island, will be processing ore from a mining site in the neighboring province of Zamboanga del Sur.Leonardo A. Fernandez, chairman and chief operating officer of Mount Zynai 0304 Mining Corp.
Mr. Fernandez said they aim to produce 1.5 million metric tons of steel bars and steel products every year.What we are discussing is 60% of the production is for the domestic market and 40% will be exported,Without the plant, he said,Imagine the cost of bringing the ore to the port, loading the ore to the vessel, vessel going to China and loading the steel billets back .The ore mining site covers a 15,000-hectare property owned by the Subanen Pigsalabukan Gokom de Bayog indigenous community.
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