Australia, RP to develop mine<\/p>\n
MANILA (AFP): The government has entered into a US$50 million
\nagreement with Arimco Mining Corp. of Australia to develop a mine
\nsite in the northern Philippines, President Fidel Ramos said
\nyesterday.<\/p>\n
He said the financial or technical assistance agreement (FTAA)
\nwith Arimco, owned and controlled by Climax Mining Ltd. and
\nPetroleum Securities, will enable the parties to skirt a
\nconstitutional provision limiting foreigners to 40 percent equity
\nin the exploitation of natural resources.<\/p>\n
Arimco will infuse 50 million dollars into the project, which
\ncovers Quirino and Nueva Vizcaya provinces, and "shall join and
\nassist our government in the subsequent development for
\ncommercial purpose of any mineral deposits which may be found in
\nthe area," he said in a speech.<\/p>\n
No other terms of the agreement were disclosed.<\/p>\n
Ramos described it as "the first ever of its kind undertaken
\nin accordance with the 1987 constitution, which uniquely offers
\nto foreign investors a fair scheme under which they can
\nreasonably take on the risks attendant to the exploration and
\nmining business."<\/p>\n
Airline industry
\nstarts recovering<\/p>\n
SINGAPORE (AFP): National carrier Singapore Airlines (SIA)
\nsaid yesterday it sees no dramatic improvement in the airline
\nindustry before 1995.<\/p>\n
But the company said in its annual report that "the medium- to
\nlong-term outlook for Asian carriers is bright, with recovery
\nfrom recession in Western countries, the Asia-Pacific's
\ncontinuing economic boom and exponential growth in the intra-
\nregional travel."<\/p>\n
Chairman J.Y. Pillay said there might be a modest recovery in
\nthe airlines performance.<\/p>\n
"Nothing spectacular, but it should confirm our resolve not to
\nbe peripherals. What we do not do is as important as what we do
\ndo," Pillay said.<\/p>\n
"The dubious charms of global-megacarrierdom hold no
\nattractions for us. We shall persevere with our Global Quality
\nAlliance with Swissair and Delta."<\/p>\n
Pillay said that, within Asia, SIA would "knit closer ties
\nwith allied interests within Asia".<\/p>\n
Asian routes now account for 46.2 percent of SIA's total
\nrevenue compared with 30.9 percent five years ago.<\/p>\n
SIA's group pre-tax profits fell 7.7 percent on the previous
\nyear to S$871.4 million (US$569.5 million) in the year to March.
\nProfits for the airline were also down by 7.7 percent to $733
\nmillion.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/australia-rp-to-develop-mine-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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