PGMPI in talks with South Korean firm for critical minerals venture

Philippine General Minerals Project, Inc. (PGMPI) is in talks with South Korea's Busan Equity Partners (BEP) for a critical minerals venture in the Philippines.

Retired Army Lt. Gen. Antonio G Parlade, Jr., PGMPI president and CEO, confirmed discussions with BEP Managing Director YS Lee following pronouncements from leaders of both countries regarding critical minerals.

BEP representatives visited Manila in April and held discussions with officials from PGMPI, the Department of Trade and Industry (DTI), the Board of Investments (BOI), and the Development Bank of the Philippines.

These meetings aimed to explore how Korean investors can participate in PGMPI's project to meet South Korea's requirements for strategic metals.

The DTI and BOI expressed optimism and pledged to coordinate with the Philippines-South Korea Joint Commission on Trade and Economic Cooperation to facilitate future collaborations.

Parlade cited President Ferdinand R Marcos Jr.'s statement at the ASEAN Summit about the Philippines becoming a producer, not just an exporter, of critical metals.

This aligns with South Korean President Yoon Suk Yeo's intention to source critical mineral requirements from the Philippines to reduce reliance on China.

PGMPI's research has indicated the presence of critical minerals in the country's mining tailings and ore.

The company explores harnessing these minerals without causing environmental harm, with past support from the Armed Forces of the Philippines and guidance from former National Security Adviser Hermogenes C Esperon Jr. and former Defense Secretary Delfin Lorenzana.

These critical minerals are essential for South Korea's industrialized sectors, including major companies like Samsung, Hyundai, and POSCO.