Mining fund established at APEC meeting

CEBU CITY – In order to strengthen the public-private collaboration in mining trade and investment within the region, a mining fund was established during an Asia Pacific Economic Cooperation (APEC) meeting that is currently being held in the country.

As of now, Asia-Pacific is the world’s largest metal and mineral producing and consuming region.

Issued by the APEC Mining Task Force, the new APEC fund was launched here yesterday to promote open markets for trade and investment and sustainable development in mining essential to powering transitioning economies across the region.

The APEC Mining Sub-Fund was set in motion with an initial A$1.2-million (US$958,000) contribution from Australia. The peso equivalent of this amount stands at 44.85 million.

The fund will underwrite collaborative projects to guide APEC members in building policy regimes that would improve the enabling environment for trade and investment in mining while ensuring inclusive and sustainable growth.

“Rising incomes and consumption in emerging Asia-Pacific markets that are an engine for the global economy have both been fueled by mining and affect mining commodity demand,” Brendan Berne, a senior official for APEC, said. Berne also serves as Australia’s Ambassador.

“The fact that just about any product or service is derived from metals and minerals in one way or another makes ongoing trade and investment in mining an obvious imperative for the region,” he added.

Specifically, around 70 percent of all mining output is produced and consumed in APEC member economies.

For his part, Rodrigo Urquiza, chair of the APEC Mining Task Force, said many economies in the region, particularly emerging ones, are blessed with significant mining resources but are not realizing their full potential as a driver of investment, job creation and wage growth due largely to market inefficiencies.

“Eliminating trade barriers and sustainability gaps in mining for the good of our people and economies is a top priority for APEC,” Urquiza, who is also the director of Research and Public Policy at the Chilean Copper Commission, said.

The fund will also subsidize information sharing workshops, training and policy research to support these objectives, encapsulated in 10 APEC Mining Policy Principles.