Connect with us

Hi, what are you looking for?

Economy

Nickel industry sees growth momentum continuing after issuance of mining EO

THE PHILIPPINE Nickel Industry Association (PNIA) said it expects growth momentum for the industry to continue with the issuance of an executive order lifting the freeze on new mining agreements.

“We are hopeful of maintaining this growth momentum especially after the issuance of Executive Order (EO) No. 130 that lifted the ban on new mineral agreement as it will pave the way for new mining projects and entice more investments in the mining industry,” PNIA President Dante R. Bravo said in a statement Thursday.  

He said PNIA members accounted for about half of the Philippines’ nickel production last year, and 31% of the total in the first quarter.  

“Despite the pandemic, the country’s nickel industry remained resilient with a reported increase of 4% in production and a 22% rise in export value,” he said, citing 2020 data from the Mines and Geosciences Bureau (MGB).  

Citing the MGB, Mr. Bravo said the value of the nickel industry’s direct-shipping ore was P38.86 billion in 2020 against the year earlier P31.79 billion.  

He added that the nickel industry produced 27.17 million dry metric tons (DMT) of nickel ore last year, against 26.21 million DMT a year earlier.  

“The increases were driven by the continuous uptrend in nickel prices and by the robust demand from China’s stainless steel producers,” Mr. Bravo said.  

The MGB has said that the overall mining industry accounted for P102.3 billion or 0.6% of Philippine GDP in 2020.  

The PNIA said in 2020, its members spent P167 million on their social development and management programs, P49 million on COVID-19 assistance, and P532 million on their environmental protection and enhancement programs, with more than seven million trees planted to date.  

“PNIA members are equally committed to ensuring sustainability in our communities through community and environmental preservation efforts. The projects we implement for the community and the environment are as equally important to PNIA members as their operations,” Mr. Bravo said.  

“(Our) members will soon release their performance report on their alignment with United Nations’ Sustainable Development Goals (SDG) before the year ends as part of our collective commitment to industry sustainability efforts,” he added. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City...

Investing

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting...

Economy

The House of Representatives will adopt the Senate’s version of the proposed measure taxing Philippine Offshore Gaming Operators (POGO), a key lawmaker said on...

Economy

President Rodrigo R. Duterte on Friday approved the recommendation of his pandemic task force to enforce stricter quarantine rules in Manila, the capital, and...

Economy

Thirty-seven percent of Filipinos are optimistic that their lives will improve over the next 12 months, a non-commissioned survey shows.  Of the 1,200 respondents in Social Weather Stations’...

Economy

Six electricity consumers on Friday filed a complaint with the Ombudsman against Department of Energy (DoE) Secretary Alfonso G. Cusi, alleging that the government official has neglected his duties.  “In his five...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!