British Processing Firm Funds Cebu Facility
British firm CD Processing Ltd has funded P583 million for the ore sortation facility in Cebu, a groundbreaking project which was approved by the Board of Investment (BOI).
According to Department of Trade and Industry (DTI) Undersecretary and BOI managing head Ceferino Rodolfo, the unit of the British firm will be involved in reclaiming precious copper-bearing ore from low-grade ore discarded by copper mines. He said this during DTI’s Make It Happen in the Philippines campaign where copper is identified as one of its priority areas. He also added that this campaign seeks to address the value chain gap of local sectors such as the copper industry.
Meanwhile, CD Processing (Philippines) Inc. will be offering ore sortation solutions to Carmen Copper Corp. in Cebu, generating 63 jobs.
“This is now in the processing side, not only mining,” Rodolfo said.
Aside from copper, other sectors include automotive, aerospace, information technology, electronics, and business process management (ITBPM).
“These are the sectors which we believe would be able to bring investments,” Rodolfo said.
The Philippines is one of the biggest copper producers in the world with reserves of around 4 billion metric tons. In 2018, it exported copper amounting to USD1.9 billion.
The DTI is also looking to attract investments in processing, manufacturing of higher-value copper-based products, and sire rod casting facilities.
Next month, DTI is launching the Leyte Ecological Industrial Zone (LEIZ) Program, said Rodolfo. This seeks to put up integrated copper processing facilities through industry clustering. This project will also capitalise on existing capabilities and infrastructure in the province of Leyte - which houses the Leyte Industrial Development Estate that has two international ports, which can service up to 60,000 to 70,000 tons.