Loading ...MANILA – A Philippine senator has filed a bill urging a halt to exports of unprocessed mineral ores, similar to a ban introduced by Indonesia that led to a sharp spike in nickel prices and cut exports of other ores.
The Philippines, which has vast but largely untapped mineral resources, has been looking at ways to raise the contribution of mining to its economy.
The bill, filed in late August by Senator Paolo Benigno Aquino, a first cousin of President Benigno Aquino, would require domestic processing of all minerals extracted in the country prior to export if passed into law.
This may require nickel miners, for example, to build more smelters to process the ore before shipment. Some ores are shipped directly to China and Japan for processing.
The Philippines currently has two processing plants for nickel both owned by the country’s top producer Nickel Asia Corp , two for gold, and one for copper, according to the Mines and Geosciences Bureau.
Paolo Benigno Aquino is one of 24 members of the upper house Senate, which is dominated by allies of the president.
“This measure seeks to generate more domestic income, attract more investments, and lead to more jobs and livelihood for the Filipino people,” the bill said in its explanatory note.
Mining contributed less than 1% of the Philippines’ gross domestic product from 2003 to 2012, the note said.