• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 20 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 22 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 49 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Analysts: Copper Prices Could Double To $20,000 Per Ton

Analysts: Copper Prices Could Double To $20,000 Per Ton

Surging demand and insufficient supply…

Can Copper Prices Continue To Break Records?

Can Copper Prices Continue To Break Records?

Copper was once again approaching the…

Dave Forest

Dave Forest

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

More Info

Premium Content

Does This Reversal Show A Crack In The Philippines’ War On Mining

The past year’s massive anti-mining drive by the Philippines government has wreaked havoc on the local sector. With the latest example being Australian miner Greenstone Resources this week saying it will suspend a gold project in country — even though the operation passed a controversial environmental audit.

And with regulatory uncertainty driving investment out the country, a backlash appears to on. With some of the Philippines’ highest officials this week throwing out new rules against mining.

That move came from the Executive Secretary of the Philippines national Cabinet, Salvador Medialdea. Who issued an order this week overturning a directive from Environment Secretary Gina Lopez, governing a proposed trust fund for companies exporting minerals.

Lopez had previously ordered exporting companies to establish a trust of 2 million pesos ($40,000) per hectare of mined land — with that money to be held for reclamation expenses. Under the rules, any companies that failed to deposit the cash would be barred from exporting ore stockpiles.

But Lopez said at a press conference yesterday that Executive Secretary Medialdea has now nullified the trust fund rules. As she noted, “Medialdea said that they [mining companies] can now remove the stockpiles… He counteracted each and every order in all areas and I can’t do anything about it.”

This is one of the first instances of Lopez’ aggressive anti-mining policies being challenged by Philippines lawmakers. And shows that her power as Environment Secretary may be diminishing, as economic losses mount across the mining industry.

Related: Could An OPEC Extension Normalize Inventories?

In fact, speculation has emerged in recent weeks that Lopez could be completely removed from her position. With a confirmation hearing scheduled for her in May — which she says she is “not confident at all” will see her keep her job.

Notably absent in these events has been Philippines President Rodrigo Duterte. Who was initially a vocal supporter of Lopez — and opponent of the mining industry — but has said nothing in the face of the recent policy reversal on the trust fund.

His silence could signal Duterte is losing his will to battle miners, as economic realities set in. Watch to see if he will attempt to support Secretary Lopez, or leave her fate to other lawmakers when the May confirmation hearings arrive. If she goes, the troubled Philippines mining sector could get a boost overnight.

Here’s to knowing your friends.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Andrew Powell on April 24 2017 said:
    Nobody's talking about the price of Nickel spiking since the world's biggest nickel production has been crippled. Who stands to gain from this nickel crisis?

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