Global nickel prices may see a sharp hike as the Philippines' Department of Environment and Natural Resources continues its crackdown on erring mines and companies, according to a report by Reuters on Dec. 16.
Global Ferronickel Holdings Inc. was the latest nickel producer affected as its Ipilan nickel mine in the southwestern portion of the Palawan island was stripped of its environmental compliance certificate. The project is said to have resources of over 50 million wet tonnes graded at 1.23% nickel content.
The DENR said that it revoked the ECC due to the failure to launch the Ipilan nickel mine since the issuance of the permit five years ago.
The continued crackdown has caused nickel supply concerns and triggered an increase in the metal's prices globally.