Introduction

Iligan City, being blessed with abundant source of power and water, rich in natural resources and competent cheap labor force, is a highly urbanized industrial city. The citys economy is largely based on heavy industries, being home to 20 major and minor various industries such as hydroelectric power, flour, chemical, steel, oil, crude coconut oil base, metal, refractories, cement , mining, and others. However, the city was not spared from the 1997 Global Financial Crisis that had caused severe economic slowdown/turndown. Some industrial plants, like National Steel Corporation, were closed thus causing financial distress which had greatly affected the city and its people. To date, the Iligan city is still struggling for full economic recovery. The citys economic development is still in progress. Transition from industry-based economy to agricultural, business, tourism and others is still on-going, though there are still some remaining industrial plants in operation. One of which is the mining industry in the city. The mining industry in Iligan city centers on quarrying, specifically limestone, sand and gravel though other metal ore mining is not yet common. The city environment management office grants small -scale mining, quarry, commercial/industrial sand and gravel permit for the extraction and utilization of mineral resources within the territorial jurisdiction of the city (www.iligan.gov.ph). One of these mining industries granted permit to operate is the 4K Development Corporation, a new industry which ventured on mining ferronickel metal.

This study is conducted to analyse and assess the economic development of a mining industry in Iligan city, specifically, the 4K Development Corporation. It aimed to investigate what factors affect the development of 4K Development Corporation and to determine if these factors have a significant relationship on the companys economic development for the past five years. If the results of this study will give positive assessment and high significance relationship between the companys economic development and the factors affecting its development, then this study will encourage and inspire more Iliganon workers and entrepreneurs(local and abroad) to work and invest in the mining industry here in Iligan City. Thus, more jobs will be generated and the economic condition in Iligan City will be uplifted.