logo
 

How closure of Zambales mine affect Nickel price?

image

MANILA (Scrap Register): The Philippine Supreme Court issued a Temporary Environmental Protection Order on June 21 and also a writ of kalikasan against 5 mining firms in Zambales in the petition by residents there.

Earlier this month, Philippine President-elect Rodrigo Duterte expressed his fierce opposition to destructive mining operations, particularly in Mindanao.

“The impact on ore supply, at present, is expected to be small due to the ongoing monsoon season there and small proportion of shipments in nation’s total (around 10 per cent), but year-end ore supply will be affected if environment issues fail to be resolved effectively,” analyst at SMM.

LNL, Benguet, and Eramen, three of the five named in the petition (also including Zambales Diversified Metals Corporation and Shangfil Mining and Trading Corporation), were ordered to suspend mining operations from Jul. 2014 by the Mines and Geosciences Bureau (MGB), and not resumed production until Apr. 2015.

“This will trigger market worries over ore supply after recalling remarks by new President in early month, boding well for nickel prices,” SMM added.

Residents in Santa Cruz said in the petition that mining operations have destroyed the ecosystem there and threatened their lives. Petitioners also include residents in Candelaria town, also in Zambales, and Infanta town in Pangasinan province.

The respondents are ordered to submit their verified return within 10 days to the Court of Appeals upon receipt of the SC order.

comments powered by Disqus
 
     
Copyright © 2017 ScrapRegister 2017-2022. All rights reserved