Down nearly $800 since Monday as Indonesia ore exports return to market, Philippines rethink mine closures.
Philippines Mining News
Should the government go ahead with all the recommended shutdowns and suspensions, global supply of nickel will drop by about 8%.
The price of nickel rose sharply last week as traders placed bets on supply pressures reverberating from a decision by the Philippines to close almost two dozen mines.
The move is part of the government's increasing efforts to clamp down on damage caused by the mining industry in the nation, the world's top nickel ore supplier.
Partial lifting of Indonesia ore ban could make up any potential Philippines export losses.
The announcement sent global nickel prices up more than 1% on Tuesday.
Could shut down 60% of Philippines output – Asia's number three gold producer.
Both countries have poor records for enforcing environmental regulations, leading to tensions between communities and the mining sector, which the leaders of both countries have pledged to address.
A wall in a vast coal pit collapsed in the central Philippines early Friday, killing five workers and leaving at least four others missing at a site where a similar deadly accident occurred two years ago, a governor said Friday.
Filipino supply worries, depleting Chinese stocks and Indonesian refinery delays could see nickel rise close to $30,000 a tonne.
The new revenue-sharing scheme would see the government taking 55% of the industry's net revenues or 10% of gross revenue, whichever is higher.
Melbourne-based company sets profit and production records from mines in New Zealand and the Philippines. Stock is already up 67% in 2014.
Other two Canadian jurisdictions —New Brunswick and Newfoundland and Labrador— also made it to the top 10 worldwide. Kyrgyzstan and Venezuela, named the two countries mining enthusiasts should stay away from.
Glencore has previously indicated that it has no interest in 'greenfield' projects.
Dindo Leche started mining when he was 14.
Zamboanga Sibugay mine turned out unprofitable.
The $5.9 billion Philippine project is considered one of the largest foreign direct investments in the South Asian country.
Bogus mine was supposed to be in the Philippines.
Foreign investment has halved in two years and far-reaching amendments to 1995 mining law not likely to encourage new projects.
Tribal folk in this upland town are taking turns in watching two road barricades they have set up to block the entry of equipment and supplies for an Australian-owned mining firm.
SPOKANE, WASHINGTON–(Marketwired – May 15, 2013) – St. Augustine Gold and Copper Limited (TSX:SAU) ("St. Augustine" or the "Company") announced today a private placement with Queensberry Mining and Development Corp. The placement is for 55,000,000 shares […]
Meanwhile try avoiding Indonesia, Vietnam, Venezuela, Democratic Republic of Congo (DRC), Kyrgyzstan, Zimbabwe, Bolivia, Guatemala, Philippines, and Greece, says Canada's leading public policy think-tank.
Swiss miner Xstrata (LON:XTA) is delaying the commercial production of its $5.9 billion Tampakan copper-gold project in the Philippines to 2019, Sagittarius Mines Inc, the firm's local unit, said Wednesday.
Whole towns were washed away or buried by landslides when Typhoon Botha smashed into a mountainous region on the southern island of Mindanao last week, leaving 548 people confirmed dead and 827 missing.
After the government started enforcing a 7% tax on precious metals, most small-scale producers started selling to smugglers.