Top Philippine Nickel Miners May Spend $2 Billion in New Plants

Nickel Asia Corp. is eyeing a third high-pressure acid leaching plant near a mining project in Pujada peninsula in southern Davao Oriental province where it is in “final negotiations” to acquire the rights to operate it, President and Chief Executive Officer Martin Antonio Zamora said in an interview on Wednesday on the sidelines of a mining conference in Manila.

Global Ferronickel Holdings Inc. is in talks with a Chinese firm for its first HPAL facility with a capacity of about 40,000 metric tons to be constructed near its mines in southern Surigao province, President Dante Bravo said in a separate interview. He declined to identify the company, citing a non-disclosure agreement, but said the project will require at least $1 billion investment.

The Philippines, the world’s second-largest nickel supplier to top market China, has been pushing miners to invest in processing facilities instead of just shipping out raw ore to become a major player in the electric-vehicle supply chain. The country is considering following top nickel exporter Indonesia by taxing nickel ore exports to lure investment in processing plants.

The Philippines can add two to three more processing plants, but taxing exports of nickel ore to push miners to invest in the downstream sector may be counter productive, according to Zamora. That will only make it harder for miners to make money, he said, adding that improving the process for companies to secure permits for new mines will be a better strategy.

Source: News Formal (newsformal.com)

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