PH nickel output seen rebounding
Credit to Author: LISBET K. ESMAEL| Date: Fri, 01 Mar 2019 17:31:29 +0000
Philippine nickel mining production may slightly rebound this year to 2028 as suspended mining firms are expected to resume operations, a Fitch Group unit said.
In a report released Friday, Fitch Solutions said that while the sector realized an average of 22.7 percent decline in production from 2016 to 2018 due to closure of open-pit mining, it would “begin rising again this year.”
The optimism was being buoyed by the decision of Department of Environment and Natural Resources (DENR) Secretary Roy Cimatu to lift the ban on open-pit mining. Instead, the affected firms were just suspended indefinitely until they ensure to meet environment compliance.
Once they settled previous violations, they may start their productions, the DENR chief also said in November last year.
Some of the firms mandated to cease operations by former DENR Secretary Gina Lopez in 2017 were Zambales Diversified Metals Corp., Krominco Inc., Mt. Sinai Exploration and Development Corp., Libjo Mining Corp., Wellex Mining Corp. 1 and 2, Carrascal Nickel Corp., and AAMPHIL Natural Resources Exploration and Development Corp.
“We expect Philippine production to slowly rise over the coming years as currently suspended mines become operational once more,” Fitch Solutions said.
Nickel production in the Philippines is expected to grow by an average of 1.7 percent year-on-year over 2019 to 2028, it noted.
Fitch Solutions said domestic miners, including SR Metals, Global Ferronickel, Nickel Asia Corporation and CTP Corp. are expected to still rule the nickel production.
“Nickel Asia, in particular, will remain the driver of nickel production in the Philippines, especially as its Taganito and Cagdianoa mines, the first and second largest in the country respectively, have not been hit by the recent closures and suspensions,” it added.
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