• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 22 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 4 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 32 mins "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 31 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
Can Copper Prices Continue To Break Records?

Can Copper Prices Continue To Break Records?

Copper was once again approaching the…

Record Copper Prices Are Threatening The Global Energy Transition

Record Copper Prices Are Threatening The Global Energy Transition

Skyrocketing commodity prices are weighing…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Commodity Prices Jump As Philippines’ Government Cracks Down On Miners

Attention global mining industry. Things are getting dire this week in the Philippines.

Potential problems have been looming in this important copper, gold and nickel nation since the election of new president Rodrigo Duterte in late May — who campaigned on a strong anti-mining platform. Which quickly became more evident when he appointed noted mining opposition figure Gina Lopez as minister in charge of mining.

And this week, Minister Lopez made her first big moves against mining operations in the country. Let’s count them down.

One of the biggest developments was reports in the local press yesterday that the government has agreed to rescind an exploration permit for notable Philippines miner OceanaGold. With the papers quoting local groups near the company’s project in Nueva Vizcaya province as saying that Minister Lopez has asked regulators to “immediately start working on the cancellation of OceanaGold’s exploration permit.”

That would be a big move. And it’s far from the only one over the past week.

Since taking office, Lopez has reportedly also banned new mining projects in Sarangani province — and halted all mining activity in the Autonomous Region of Muslim Mindanao.

Perhaps the biggest hit from the new regime has come in the nickel mining sector. Where three separate mining operations — two in Zambales province, and one in Palawan — have reportedly been shut down over environmental concerns.

Concerns over lost nickel supply here have in fact caused a major lift in prices. With the metal rising over 25% since President Duterte’s May election — to a current $4.78 per pound.

That rise appears justified, given that the Philippines was the world’s largest nickel producer in 2015, putting out 21% of global supply. And especially so given that exports from fellow major producer Indonesia are still up in the air due to a ban on concentrates exports.

Effects of mining disruptions in the Philippines for other metals like copper and gold won’t be that pronounced. But the unfolding events here are a major concern for any developers or investors in the country.

Here’s to a word of caution.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News