The Philippines is gearing up for a busy year with around 12 new mines expected to kick off. Unsurprisingly, most of them will be cranking out nickel. Unlike the grandiose but overall ineffective critical minerals statements that come out of countries like Canada, the Philippines is serious about its role as a critical minerals producer – particularly nickel.
The timing is good for the country with nickel prices riding high. In its latest report, the Mines and Geosciences Bureau (MGB) said the country produced 386,359 tonnes of nickel last year and, thanks to Indonesia’s export ban on nickel ore (which started in 2020), the Philippines has stepped in as China’s top supplier.
Exactly what all of this new production will mean for prices once its online remains to be seen. The country’s President pointed out that sky-high fuel prices, inflation, labor shortages, shipping costs, and ongoing supply chain problems are making life harder for miners. Still, all that new supply is something to keep an eye on in terms of pricing going forward.
Anthony Milewski
Chairman, Nickel 28 Capital