The Philippines Just Shut Down Half Of Its Mining Industry

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The Philippines Just Shut Down Half Of Its Mining Industry

One of the most-watched happenings in the global mining sector came to a head yesterday. As the government of major mining center the Philippines unveiled results of a nation-wide environmental audit.

And as anticipated, the fallout is significant.

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Philippines

Philippines mining minister Regina Lopez said at a press conference she is ordering the complete closure of 21 mines — representing more than half of the 41 operations scrutinized under the audit.

The majority of operations to be closed are nickel mines. With Minister Lopez saying that about 50% of the Philippines’ overall nickel output will be halted by the closures.

Data released this week from the U.S. Geological Survey peg overall Philippines nickel production for 2016 at 530,000 tonnes — or 21% of total global output. Meaning that the upcoming mine closures could choke off over 10% of worldwide nickel supply.

The effects on the nickel market will be somewhat muted by the recent re-start of nickel concentrate exports from leading producer Indonesia. But the los