VANCOUVER — The socio-political situation in the Philippines is volatile for miners following the conclusion of a national mining audit by president Rodrigo Duterte’s newly elected administration. On Sept. 27, environment secretary Regina Lopez revealed that 20 more metallic mines in the country face suspension for various infractions. Companies will have seven days to respond to violations found by the Department of Environment and Natural Resources (DENR).
The Filipino government recently halted 10 other mines, including eight nickel operations. If the newly named companies also suspend activities, the country will have shuttered nearly 75% of its 41 operating metallic mines. The Philippines is the world’s largest nickel producer, and accounted for 23% of global supply last year.
The list of potential closures now includes Melbourne-based OceanaGold
‘s (TSX: OGC; ASX: OGC; US-OTC: OCANF) Didipio gold-copper mine located on the island of Luzon, and Vancouver-based B2Gold
‘s (TSX: BTO; NYSE-MKT: BTG) large Masbate gold mine.
Read the entire story at The Northern Miner.