• 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
  • 2 mins 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
  • 59 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 Forecasts for Natural Gas
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Dave Forest

Dave Forest

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

More Info

Premium Content

Miners Reel From Increased Government Intervention In Major Projects

I find myself writing a lot about governments lately. With moves in the global legal and regulatory space seemingly coming fast and furious recently for resource companies.

And this week the action hit a frantic pace. With five big moves happening in mining policy, which all investors and project developers should be watching closely.

Let’s count ’em down.

The most high-profile news once again came in the Philippines. Where anti-mining policy from the new federal government hit further heights — when the mines minister effectively quashed one of the biggest copper-gold development projects on Earth.

That’s the Tampakan deposit. A 2.9 billion tonne orebody developed by Glencore, before that firm exited the project last year over regulatory frustrations.

And the news didn’t get any better this week for the now-local owners of Tampakan. When mines minister Gina Lopez publicly declared that she will not allow the deposit to be developed by open-pit methods. A move that likely precludes any kind of major operation here.

Elsewhere in the Philippines, the new government also stepped up moves against mining. Announcing that a total of seven mines have now been closed on environmental reviews — with a further 23 nickel mines now coming up for similar appraisal.

Nearby in Indonesia, things also got tense between miners and government. When federal officials offered Freeport-McMoRan a lowball $640 million for a 10.64 percent stake in the Grasberg mine.

Freeport is required to sell the stake to the government, but has said the interest is worth $1.7 billion. Setting up for some tense negotiations here going forward. Related: Oil Industry About To Be Burned Again By Fall In Oil Prices

Then we jump over to Chile. Where major gold producer Kinross Gold said this week it is shutting down its Maricunga mine — pending the outcome of a government review into water use at the mine. With federal officials here seeking to shut down water withdrawals at the operation, a move Kinross says would preclude mining.

Finally we end in Canada. Where a federal minister sided with regulators in the territory of Nunavut in denying a permit for Areva’s proposed Kiggavik uranium mine. A development the uranium major had been pushing — but which officials said cannot proceed because the company hasn’t specified a start date for the project.

Lots going on, lots to keep tabs on. Watch especially in the Philippines for further upward momentum in nickel prices if the above-mentioned reviews lead to more mine shutdowns.

Here’s to a state 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