• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 1 min Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 57 mins "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 4 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 9 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
A Permanent Lithium Shortage Is Looming

A "Permanent" Lithium Shortage Is Looming

Lithium, a key compound in…

The Taliban Is Sitting On $1 Trillion In Natural Resources

The Taliban Is Sitting On $1 Trillion In Natural Resources

As international outrage continues over…

Dave Forest

Dave Forest

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

More Info

Premium Content

The Philippines Just Shut Down Half Of Its Mining Industry

One of the most-watched happenings in the global mining sector came to a head yesterday. As the government of major mining center the Philippines unveiled results of a nation-wide environmental audit.

And as anticipated, the fallout is significant.

Philippines mining minister Regina Lopez said at a press conference she is ordering the complete closure of 21 mines — representing more than half of the 41 operations scrutinized under the audit.

The majority of operations to be closed are nickel mines. With Minister Lopez saying that about 50% of the Philippines’ overall nickel output will be halted by the closures.

Data released this week from the U.S. Geological Survey peg overall Philippines nickel production for 2016 at 530,000 tonnes — or 21% of total global output. Meaning that the upcoming mine closures could choke off over 10% of worldwide nickel supply.

The effects on the nickel market will be somewhat muted by the recent re-start of nickel concentrate exports from leading producer Indonesia. But the loss of such a big chunk of supply should lend support to prices — with nickel gaining nearly 3% in trading immediately following the announcement of the mine closures.

But it’s not just nickel that’s being affected by the audit. With Minister Lopez also announcing a suspension of the Philippines’ largest gold mine, the Dipidio operation run by international producer OceanaGold. Related: Is Deepwater Drilling About To Make A Comeback?

The audit cited Dipidio for reducing agricultural production in the area surrounding the mine. But left the door open for a restart of operations here if that issue can be remedied.

For its part, OceanaGold told the press it has not received formal notice of the suspension. With management saying they would likely challenge any such orders in court.

The Chamber of Mines of the Philippines also said it will take legal action against the closures and suspensions. Watch to see if mines are allowed to stay operating as these court cases proceed, and for effects on nickel supply and prices if the shutdowns are implemented immediately.

Here’s to the shoe dropping.

By Dave Forest 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Anon on February 03 2017 said:
    Shipping nickel ore is dangerous. Ships have been lost due to 'nickel ore liquefaction'-search for it. Pelletized concentrate doesn't do that.

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