MINERS are expected to perform well in 2024 due to increased demand for transition minerals used by the renewable energy industry, mining of“The government is pushing for local mineral processing of energy transition metals such as nickel and copper and the Philippine metallic mining industry would like to participate and take advantage of opportunities presented by this development,” Michael T. Toledo, chairman of the Chamber of Mines of the Philippines , said in a Viber message.
The Philippine Nickel Industry Association said the industry is pushing for the government to fast-track the approval of mining permits by establishing a “one-stop shop” application process.About 470 applications are currently awaiting approval. They are proposing to explore for copper, chromite, nickel, and cobalt, according to the MGB.
“Traders are cautious of the incoming year, considering the weaker Chinese economy and significantly cheaper nickel pig iron from Indonesia,” Mr. Toledo said.NPI is low-grade ferronickel, which serves as a cheaper alternative to higher-grade nickel used in stainless steel production. It added that Indonesia has become a new export market for nickel ore. The Philippines has exported about 102,100.72 dry metric tons of nickel ore to Indonesia amounting to P171.37 million during the nine months to September.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the demand for raw materials from the renewable energy industry is expected to grow in the coming years.