• 14 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 15 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 15 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 16 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 18 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 19 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 20 hours China Is World’s Number-2 In LNG Imports
  • 1 day EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 2 days Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 2 days Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 2 days Libya’s NOC Restarts Oil Fields
  • 2 days US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 5 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 5 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 5 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 5 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 6 days Venezuelan Output Drops To 28-Year Low In 2017
  • 6 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 6 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 6 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 7 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 7 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 7 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 7 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 7 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 7 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 7 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 7 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 8 days Chevron To Resume Drilling In Kurdistan
Alt Text

How Long Will The Lithium Rush Last?

As the race to secure…

Alt Text

Will Oil And Gold Prices Rise This Year?

Both gold prices and oil…

Alt Text

Don’t Expect Palladium Prices To Plunge

Palladium has recently soared to…

Commodity Prices Jump As Philippines’ Government Cracks Down On Miners

Mining

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:




Back to homepage


Leave a comment

Leave a comment




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