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Philippine metals industry fights Duterte over shutdown order

Philippine metals industry fights Duterte over shutdown order

Companies urge president to stop mine closures in world’s largest nickel ore exporter

by:  in Bangkok and  in London | February 5, 2017 

 

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Philippines accounts for about a quarter of global mined supplies of the metal used in stainless steel © Bloomberg
 
The crackdown over alleged breaches of environmental and welfare rules branded mining companies “villains” and risked breaching contracts the administration had previously agreed with them, the main mining industry body warned.
The squeeze on the companies is supported by Mr Duterte and has pushed world nickel prices higher, because the Philippines accounts for about a quarter of global mined supplies of the metal used in stainless steel. The crackdown is also notable as the first serious dispute between the outspoken president and domestic industry, in an economy that has been posting some of the highest growth rates in Asia.

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