• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 3 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 16 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 10 hours Let's shut down dissent like The Conversation in Australia
  • 6 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 2 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 1 day Saudis Buying Oil From Iraq
  • 5 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 16 hours Hong Kong protesters appeal to Trump for support.
  • 4 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 9 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 1 day Saudis Confirm a Cruise Missile from Iranian Origin
Alt Text

Chinese Rare Earth Exports Tumble As Trade War Accelerates

China, the world’s largest producer…

Alt Text

Are We Really Facing A Battery Metal Shortage?

Electric car builder Tesla foresees…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play