SHANGHAI, Jun 2 - The Philippines' mining regulator said Wednesday that the country will start selling its idle mining assets held by the government in 2023 as part of a plan to restructure the country's mineral sector, aiming to boost the sector's role in driving economic growth.
The Philippines is China's largest supplier of low-grade nickel ore, which is the main raw material for the production of NPI - the raw material for stainless steel.
However, the output of the mining sector currently accounts for only about 1% of the Philippine economy.
Although more than a third of the Philippines has proven potential to produce higher levels of minerals, only 5% of the country's proven metal deposits have been exploited to date.
The country's planned sale of mining assets is said to include several nickel-copper and copper-gold projects, all located in the central and southern regions of the country.
The Philippines Mines and Geology Bureau (MGB) said in its quarterly report that the country is expected to focus on improving mining infrastructure and domestic mining processing capacity and increasing the value of mining exports between 2026 and 2040.
The country's President Rodrigo Duterte has recently announced the lifting of mining restrictions such as the ban on open pit mining.