• 3 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 5 hours Libya’s NOC Restarts Oil Fields
  • 6 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
  • 7 days Australia Solar Power Additions Hit Record In 2017
  • 7 days Morocco Prepares $4.6B Gas Project Tender
Alt Text

Will Oil And Gold Prices Rise This Year?

Both gold prices and oil…

Alt Text

How Long Will The Lithium Rush Last?

As the race to secure…

Alt Text

Don’t Expect Palladium Prices To Plunge

Palladium has recently soared to…

Turmoil In The Philippines Sees Nickel Prices Jump

Nickel mine

Big day for nickel yesterday. With prices leaping nearly 20 cents on the day to near $4.60 per pound — marking a nearly 5% move in a matter of hours.

And there was one major reason for the jump: more government turmoil for miners in the Philippines.

As I’ve been discussing of late, the new Philippines mines minister Regina Lopez was scheduled to unveil results of a nationwide mines audit last Thursday. But the minister relented at the last minute, saying that the announcement of the results would be delayed a week — to this Thursday, September 22.

But in the interim, things have gotten very tense for miners in the country.

The biggest gauntlet in this growing fight came yesterday. When Reuters asked minister Lopez if this week’s results could see “10 or more mines suspended” — to which she replied simply, “Yes possible.”

A suspension of operations on that scale could be very significant for the mining world. Given that the Philippines only has 30 mines operating right now (after 10 were already suspended so far this year) — which are responsible for 21% of global nickel production.

A negative outcome for Philippines miners appears all the more likely after some bizarre comments by minister Lopez in an interview with local news last Thursday. Where she appeared to suggest she would do everything in her power to ensure that miners do not pass the current government audits.

Here’s a direct quote from Lopez:

“If an audit team passes a mining company for whatever reason, you’re not only passing a mining company, you’re saying it’s okay, that’s really scary. Right?”

It sounds like the minister is suggesting here that it is not acceptable for mining companies to pass the audit under any circumstances. Because that might give the idea that mining is okay. A downright ludicrous suggestion from a person who is supposed to be a regulator for the industry.

All of which suggests that the results of the upcoming audit could be very bad for the Philippines mining scene — and thus for global nickel supply. Watch for details Thursday on mine suspensions, and effects on production and exports.

Here’s to keeping it real.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Joachim Nielsen on September 23 2016 said:
    "Turmoil In The Philippines Sees Nickel Prices Jump"
    Mining Audits in Philipines quote by minister Lopez - think Dave Forest misunderstood the real meaning behind minister Lopez's quote - “If an audit team passes a mining company for whatever reason, you’re not only passing a mining company, you’re saying it’s okay, that’s really scary. Right?”.... my understanding of the real meaning here is that the Philippines now want to improve standards and not just pass and audit without really looking whether certain standards are met... in the country like the Philippines that can be difficult as it is changing the culture in a way - in the past you can pay and now this is changing.... this is part of the changes coming with the new President Rodrigo Duterte (he is very anti-corruption, and he has his hands full in the Philippines which is why he has to be so tough otherwise he would never have even the slightest chance)

Leave a comment




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