SR Languyan Mining Corp., the Philippines' top exporter of high-grade nickel ore, is "most likely" to close its mining operations in Tawi-Tawi later this year as ore deposits have almost been depleted, Reuters reported Aug. 16, citing Jaynul Ali Sambarani, head of mines and geoscience services at the Environment and Natural Resources Ministry.

The shutdown is expected to decrease the Philippines' exports of nickel ore to China by 300,000 to 400,000 tonnes per month, according to estimates by the Mines and Geosciences Bureau.

A global nickel supply crunch has recently pushed the price of the metal to 16-month highs, with top nickel supplier Indonesia planning to ban exports of unprocessed mineral ores from 2022.

Sambarani told the newswire that the company is looking at other prospects in the area but did not give details about 2019 output, exports and stockpiles.