Banks Eye Indonesia Mining Projects, High Resource Prices a Lure

Dec. 13&nbsp;-- The Philippines' metallic mineral production rose 40 percent by value in the first nine months of 2010 on higher output and global prices, the Mines and Geosciences Bureau (MGB) said on Monday.
Production value rose to 79.76 billion pesos ($1.8 billion) in January to September, from 56.92 billion pesos in the same period last year.
In volume terms, nickel direct shipping ore led growth with output rising 60 percent to 10.57 million dry metric tonnes in the period.
Silver jumped 26 percent to 30,244 kilograms and copper climbed 22 percent to 42,321 tonnes.
Gold rose 6 percent to 29,401 kilograms but accounted for 49.1 billion pesos, or nearly two-thirds of the value of overall output, up 30 percent from a year earlier.
Nickel accounted for 22.64 percent, followed by copper at 14.25 percent and the rest was shared by silver, chromite and zinc, the MGB said in a report.
A total of 27 large and medium-scale mining projects are operating in the Philippines, which hopes to attract more investments to develop the sector and create jobs.
The Philippines has mineral deposits estimated to be worth $1 trillion. Among the major projects in the pipeline is the $5.2 billion Tampakan gold-copper prospect of global miner Xstrata Plc in South Cotabato province in the south, which has been put at risk by a provincial ban on open pit mining. [ID:nSGE6B201C]