China proposed a sisterhood agreement between the mineral resources-rich Longyan City of China and Compostela Valley for mining development, said Davao City-based Chinese Consul General Li Lin.
“Longyan is a city in China that is advanced in mining and it has mining company that is considered the world’s biggest focusing on gold and copper mining, and apart from that, the machine industry and other machineries are advanced,” Li explained in a BusinessWorld.com report.
The said proposal came about in line with the first De Oro Business and Investment Conference held last March where both officials from the Davao Consulate and a delegation of Chinese businessmen participated.
Compostela Valley gained P 1.2 billion in investments during the event with a P 500-million property development plan from China State Construction Engineering Group as the biggest pledge.
According to Li, there is a plan for the Longyan’s government representatives to visit Compostela Valley to meet with its provincial officials, or vice-versa.
Compostela Valley is a mineral resource-rich province in the Davao region. Reserves of silver and gold dots around the province with 10 out of 11 municipalities hosting small- and large-scale mining sites.
The province’s gold deposit is considered as one of the biggest in the world and was placed by a Mines and Geosciences Bureau report to be at 36,328,699 metric tons.
