• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 14 hours OPEC will consider all options. What options do they have ?
  • 8 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours What to tell my students
  • 3 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 11 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 22 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 18 hours With Global Warming Greenland is Prime Real Estate
  • 16 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 day CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
The Number One Gold Stock Of 2019

The Number One Gold Stock Of 2019

Gold prices are soaring amid…

Low Solar Panel Prices Spark Surge In Adoption

Low Solar Panel Prices Spark Surge In Adoption

Solar energy is experiencing a…

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
Download on the App Store Get it on Google Play