- Write by:
-
Tuesday, February 20, 2024 - 19:40:03
-
111 Visit
-
Print
The Philippines should have bigger mines to encourage investment in the downstream sector, according to tycoon Manuel Pangilinan, who says the resource-rich Southeast Asian nation should take advantage of brisk demand for electric vehicles.
“It’s the mines that should be expanded to the point where you have the basis to justify smelting or refining operations in this country,” Pangilinan told reporters Monday evening. Pangilinan is the chairman of Philex Mining Corp. which has a copper-gold mine that’s slated to start production next year and is also looking at developing a new nickel mine.
The Philippines and Indonesia are the world’s biggest suppliers of nickel — used in making stainless steel and in lithium-ion batteries for EVs — to top market China. Unlike Indonesia, which boosted its nickel exports to $30 billion from $3 billion in two years as Chinese companies built refineries and smelters there, the Philippines continues to ship out most of its raw nickel ore amid a lack of processing facilities.
Philippine President Ferdinand Marcos Jr.’s government has been pushing miners to invest in the downstream sector to become a major player in the EV supply chain. Manila has considered following Indonesia by taxing nickel ore exports among a range of measures to lure investment in processing plants.
Pangilinan said he supports the plan to ramp up resource processing locally to export higher-value products. “But you have to have significant mines as factory inputs to your smelter or refining operations,” he said.
Less than 3% of the 9 million hectares that have been identified by the Philippine government as having high mineral potential is covered by mining tenements, according to data from the Mines and Geosciences Bureau.
Among the undeveloped ones is the Tampakan gold-copper mine in southern Mindanao island, considered one of the largest untapped mineral resource in Southeast Asia that had been halted by an open-pit mining ban, prompting Glencore Plc to quit the project in 2015.
Pangilinan said Philex’s Silangan copper-gold mine, also in Mindanao, should be operational by 2025 and the company has been exploring areas within Padcal mine in northern Philippines that could extend the mine life. Philex has also been looking at developing a new nickel mine in Zambales province in the main Luzon island.
The growing EV industry in China “will require a lot of nickel, a lot of copper, a lot of lithium,” said Pangilinan. “The future of mining is looking bright and we should be participating in those prospects now.”
Short Link:
https://www.miningnews.ir/En/News/628031
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
No comments have been posted yet ...