Philippines to Open 12 New Metal Mines in 2022, Mostly Nickel Mines

SHANGHAI, Mar 18 (SMM) - The Philippines' local industry regulator said last week that the country will have about 12 new metal mines in commercial operation this year, most of them nickel projects. In addition, the Philippine Bureau of Mines and Geology said in a report that Philippine nickel production totalled 386,359 mt last year, an increase of 17% from the previous year and the highest level in six years. It was reported that after Indonesia banned nickel ore exports from 2020, the Philippines has become China's largest supplier of nickel ore. MGB director Wilfredo Moncano said the medium-term outlook for the mining industry was positive "unless the dispute between Ukraine and Russia spills over into Asia and disrupts trade". He hopes the next government in the Philippines will continue to support the policies of incumbent President Rodrigo Duterte, who ends his term in June this year, including ending a four-year ban on open-pit mining of copper, gold, silver and complex minerals. Dante Bravo, president of the country's second-largest nickel miner, Global Ferronickel Holdings Inc, said the addition of new producers would increase the country's production of nickel ore, although existing local nickel miners were "at their best." However, Bravo also said that despite the current high nickel prices, local mining companies are still facing a lot of challenges due to rising fuel prices, rising inflation, labour shortages, supply chain bottlenecks and rising freight rates.