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In anticipation of requirement with the reopening of closed mines as well as opening of new mines in the province of Zambales, Rizhao Development Corp. is investing P4.499 billion to rehabilitate the old Masinloc port by reconstructing new port facilities.The company, 60 percent owned by Filipinos and 40 percent owned by Chinese investors, makes plan to build 3 mixed berths with 5,000-metric ton capacity for the most part for mixed cargo exports, and 4 berths with a capacity of 3,500 to 4,000-metric ton for ore exports. The Board of Investments gave approval to the registration of the project and provided it fiscal incentives. The project is hoped to begin commercial operations in July 2009 and to produce 740 new jobs. The port will in the first place perform services for the mining industry. The port is for private use, but it must likewise be permitted for public use as provided by law. The province of Zambales, abundant in mineral deposits like nickel and chromite, used to receive the Acoje Mining, the Masinloc Mine and the old copper mine of Benguet Corp., but presently, has no operating mining company. With the rehabilitation of the old Masinloc port, the investors will be attracted to reopen the closed mines as well as to open new mines. Revival of the mining industry will be on the way in the province of Zambales. Via Manila Standard |
