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.
The Philippines Mining News
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.
Should the government go ahead with all the recommended shutdowns and suspensions, global supply of nickel will drop by about 8%.
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.
Philippines president Rodrigo Duterte tells miners "We will survive as a nation without you" as ministry shuts down three nickel mines in a month.
The local Extractive Industries Transparency Initiative (EITI) ) aims to guarantee the country’s mining sector transparency and accountability.
Zamboanga Sibugay mine turned out unprofitable.
With the exception of Ghana and Cape Verde, which were ranked as “medium risk” in the index published Wednesday, all others were classified as “high risk."