Boston, MA -- (ReleaseWire) -- 07/09/2014 -- Nickel among other base metals is the major commodity produced in the Philippines. In 2013, the country's nickel mine production was up by 6% over 2012. The country's average nickel mine production more than tripled in 2006 to 92,700 metric tons accounting for around 3.7% of global nickel mine production according to the USGS. The substantial growth in production was mainly due to higher prices on the global market and a surge in demand that started during the second quarter and continued until the end of the year.
- The major mining companies in the Philippines consider the Indonesian ban on exports to have a positive impact on nickel mining in the country. However, a decrease in foreign investors and negative local environmental and socioeconomic effects are the key factors affecting the country's mining industry.
- The country's mining sector has barely contributed towards its economy. For the period 2008-2012, the sector contributed on an average of 0.8% annually. In 2012, it accounted for around 0.7% of GDP or about PHP20.5 billion (US$485 million) in the form of taxes, fees and royalties.
- Over the forecast period 2014-2020, the Philippines's nickel mine production is expected to post a CAGR of 8% to reach 631,439t by 2020.
- The Philippines' nickel mining industry is dominated by the following companies: Nickel Asia Corporation, Benguet Corporation, Toledo Mining Corporation plc, and Century Peak Metals Holdings Corporation.
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The report contains an overview of the Philippines' base metals mining industry together with the key growth factors and restraints affecting the country's base metals mining industry. Further, it provides information about reserves, production, prices, competitive landscape, and major active, exploration and development projects. Also included is the country's fiscal regime, which includes governing bodies and relevant laws, mining rights and obligations as well as key fiscal terms.
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Companies Mentioned in this Report: Nickel Asia Corporation, Benguet Corporation, Toledo Mining Corporation, Century Peak Metals Holdings Corporation
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