Rodrigo Duterte said ban should remain in place given the environmental damage it causes, but noted he would give companies time to find alternative mining methods.
Philippines Mining News
In an effort to receive more financial benefits from mining operations, the government's proposal will also require investors in the sector to get legislative approval before operating.
Environment and Natural Resources minister Roy Cimatu also said there was no rush to make decision on suspended, closed mines.
Philippine President Rodrigo Duterte said on Friday the country's mining industry pays too little in tax and not enough in compensation for any environmental damage.
The flow of Indonesian nickel ore to China has resumed after a three-and-a-half year break.
More supply will likely drag prices lower, as the metal already touched a one-year low of $8,680 per tonne on the London Metal Exchange last week and is down more than 10% this year.
Mothers will do everything to ensure a bright future for their children.
The new head of the environment office, Roy Cimatu, has however said he believed it was possible to balance mining and natural resources protection.
Congress decision puts and end to a 10-month tenure during which Regina Lopez ordered the closure of more than half the country's mines and banned open-pit mining.
Prohibition only affects planned mines, not the ones currently in operations, but it will take effect immediately.
Down nearly $800 since Monday as Indonesia ore exports return to market, Philippines rethink mine closures.
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.