Philippines Must Honor Mining Contracts, Xstrata Venture Says

The Philippines must honor existing contracts with mining companies, Mark Williams, general manager of Xstrata Plc (XTA) and Indophil Resources NL (IRN)’s venture in the Southeast Asian nation, said in Manila today.

The nation’s mining law is “a good piece of legislation and it should be maintained and consistently used,” Williams said. “Investors are looking for consistent mining policy.”

The Philippines is considering tightening rules and cutting tax breaks, according to a draft executive order obtained by Bloomberg News.

To contact the reporter on this story: Norman P. Aquino in Manila at naquino1@bloomberg.net

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net

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