• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 1 min Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 34 mins Tesla Closing a Dozen Solar Facilities in Nine States
  • 5 mins Could Venezuela become a net oil importer?
  • 1 day Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 12 hours Why is permian oil "locked in" when refineries abound?
  • 10 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Saudi Arabia turns to solar
  • 2 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 14 hours Teapots Cut U.S. Oil Shipments
  • 14 hours Oil prices going down
  • 19 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 15 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day U.S. Withdraws From U.N. Human Rights Council
  • 4 hours EVs Could Help Coal Demand
240,000 Bpd Offline Following Clashes In Libya

240,000 Bpd Offline Following Clashes In Libya

Continuing clashes between the Libyan…

The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution is…

Newly-Elected President Threatens Philippines’ Mining Industry

Duterte

Ominous signs are emerging in one of the world’s most well-endowed mining nations, where a newly-elected president may be setting up for a major battle with foreign minerals firms.

The place is the Philippines. Where president elect Rodrigo Duterte made some very strong comments this past week about the mining sector — and the companies that work in it.

Duterte was elected president of the Philippines in May and is now touring the country on a series of press junkets ahead of his June 30 takeover of the federal government.

Related: Niger Delta Avengers Threaten to Take Nigeria’s Oil Production To “Zero”

Speaking last Thursday at one such news conference in the southern Philippines city of Davao, Duterte let rip on the mining industry. He told the assembled crowd, “I have a big problem with mining companies. They are destroying the soil of our country.”

He continued, “The mining people must shape up. It has to stop. The spoiling of the land, the destroying of Mindanao.” The latter statement was a reference to the mineral-rich southern island of the Philippines, where major copper-gold projects like the Tampakan deposit are located.

Perhaps most ominously, Duterte insinuated that he might support local mining firms over international operators. Saying, “I want it to be a cooperative of all Filipinos. We will support them and give them instructions how not to end up spoiling the land.”

Related: Does Iran Have The Upper Hand In OPEC Oil War

All of which is very concerning for a mining destination that has already seen a major flight of international capital the last few years - largely due to permitting issues and local opposition to the mining sector.

There had been some headway late in 2015 on permitting of copper-gold mines here. But Duterte’s comments raise the possibility that any recent advances in mining will be negated under the incoming government.

Of course, it’s possible all of this is just strong words meant to win public support. But the mining sector will be cautious as Duterte assumes the presidency in July — watch for any further news on mining policy changes here, as well as possible moves toward nationalization of mining assets.

Here’s to knowing when to fold ’em,

By Dave Forest

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News