Philippine nickel mines will be expecting a boost in revenues after Indonesia announced an export ban for the rest of the year.
According to Timson Securities, inc. Equity Trader Jervin S. de Celis, Philippine nickel ore mines will definitely benefit from Indonesia’s nickel ore export ban.
“The move of Indonesian government in the ban of nickel exports will cause the price of the metal rise in the world market and that may translate to higher revenues for Nickel Asia, Global Ferronickel, and other nickel-exporting firms from the Philippines,” de Celis was quoted saying in the report.
According to a BusinessWorld report, the mining and oil sub-sector increased by 1.57 percent. The Philippine Stock Exchange (PSE) index revealed an increase of 0.56 percent while the broader all shares index increased by 0.27 percent.
Revenues of Nickel Asia Corporation rose 5.15 percent, amounting to P4.08 each while the Global Ferronickel Holdings, Inc.’s revenues increased by 3.5 percent, amounting to P1.74 each.
Meanwhile, the PSE has readied proposed amendments for the Philippine Mineral Reporting Code (PMRC) of 2007 which will be discussed at a public hearing at the Mines and Geosciences Bureau (MGB) Central Office on November 9.
“‘Yung process namin na ‘to [this process] is really to benchmark and see where appropriate…revisions or upgrades in our reporting framework for mining companies would have to be introduced,” PSE Chief Operating Officer Roel A. Regran told BusinessWorld in a phone call interview.
