www.minesandcommunities.org/Action/press1563.htm -
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Published on: 7/13/2007
Last Visited: 1/25/2008
On the sidelines of the listed company's stockholders' meeting, Walter W. Brown, Philex chairman, said news of big investments in the sector should be "taken with a grain of salt" since most of the funds already in the country are merely for exploration.
"[There' is so much hype in the market about the exploration," he said, adding a lot of impediments remain before exploration activities could bear fruit.These factors include bureaucratic red tape and the delays in feasibility studies preparatory to mining activity.
Brown echoed the sentiments made earlier by Michael Clancy, Philippine Business Leaders Forum chairman, who cautioned people against rejoicing this early since the "big money" has yet to come into the country.