By Pia Rivera
The jury is out: only eleven out of forty one mines passed the Philippines’ Department of Environment and Natural Resources mining audit. Most of the mines on the list were nickel producers, accounting for 55.5 percent of annual output in the Philippines.
Trying times are ahead for the mining sector in the Philippines due to a national environmental audit.
Reuters reported that Australian nickel miners like Glencore plc (LSE:GLEN) and BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) are coming under increasing pressure to suspend or cut their nickel output.
Three-month nickel on the LME was sitting at $8,775 per metric ton on Tuesday after achieving its biggest one-day gain since September 2012.
Greg Johnson, president and CEO of Wellgreen Platinum, weighs in on the PEA for the company’s Wellgreen project.
Sirius Resources NL (ASX:SIR) announced that it has completed a definitive feasibility study (DFS) for its Western Australia-based Nova nickel project. It indicates that Nova is “technically low risk and economically robust.”
Reuters’ Andy Home yesterday published an article that states that “[n]ickel’s bull run has just gone into overdrive.” In it, he explains that one factor that’s helping push nickel prices up is the suspension of production at Vale SA’s (NYSE:VALE) Goro nickel processing plant in New Caledonia.
Indonesia’s export ban and concerns about sanctions on Russia helped make nickel April’s best-performing commodity. Many believe the metal’s success is likely to continue.
Duluth Metals Ltd. (TSX:DM) reiterated its advantage in the rapidly recovering nickel market through its Twin Metals project, located within the Duluth Complex mining camp in Northeastern Minnesota.
Reuters reported that Patrick Buffet, chairman and chief executive of France’s Eramet SA (EPA:ERA), believes Indonesia’s export ban is a positive development and will “eventually support nickel prices.”
Bloomberg reported that the worldwide nickel glut will continue into 2014 as new technology allows Chinese furnaces to produce record amounts of nickel pig iron at a low cost, as per Morgan Stanley.
Bloomberg reported that Norilsk Nickel (MCX:GMKN) has hired Citigroup to help sell off its Australian assets, including four nickel mines that have been idled due to “low prices and high production costs.” As yet there is no timeline for the sale’s finalization.