• 4 minutes 5 Tweets That Change The World?
  • 7 minutes Trump Tariffs NOT China's Biggest concern. Chinese Shadow Banking Bigger. What is Shadow Banking You Ask ?
  • 11 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 minutes Glory to Hong Kong
  • 4 hours Trump will capitulate on the trade war
  • 4 hours Support Held. Back in UGAZ
  • 9 hours China's Blueprint For Global Power
  • 1 hour The power of propaganda has no boundaries: Which country has larger territory US od China
  • 8 hours Any difference btw Hunter Biden on BOD of Ukraine Company vs. Qatar bailout of Kushner Real Estate 666 Fifth Ave ?
  • 11 hours PETROLEUM for humanity 
  • 27 mins Iranian Oil Tanker struck by missiles off Jeddah
  • 2 hours Crazy Stories From Round The World
  • 12 hours How The US Quietly Lost The 1st Amendment
  • 9 hours ISIS Prisoners Escape Syria Camp After Turkish Shelling. Woohoo!
  • 6 hours China 2019 - Orwell was 35 years out
  • 13 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
  • 8 hours Total SA In Expansion: $600 million For India's Adani Gas

Breaking News:

Russia: OPEC+ Deal Will Not Be Revised

Alt Text

Investors Return To Plowing Money Into Commodities

Commodities are trending once again…

Alt Text

Vanadium Spikes On New Chinese Regulations

A new regulatory measure in…

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




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