Mining execs say bauxite deposit big in E. Visayas.

(From Philippine Daily Inquirer)

Byline: Joey A. Gabieta

TACLOBAN CITY-The revitalization of the mining industry in the country was embraced wholly by officials of the Mines and Geosciences Bureau in Eastern Visayas saying this would pave the way for the country and the region getting out of its economic woes.

Loreto Alburo, regional MGB chief, said that Eastern Visayas, being one of the country's richest regions in terms of mineral resources, would greatly benefit from the recent decision of the Supreme Court to open up mining operations in the country to foreign companies.

Alburo said that the region's huge bauxite deposit alone would be more than enough to help improve the country's financial condition.

"Based on our study, in Samar province alone, there is a big bauxite deposit that is worth P24 billion, a big amount that is more than enough for the government to get out itself of its present fiscal problem and even pay some of our debts," Alburo told the Inquirer.

Alburo said that there are 408,240,634 tons of bauxite deposits that are spread in 194,900 hectares of land on Samar Island waiting to be explored.