Senate president backs plan to build nickel plant
SENATE PRESIDENT Francis G. Escudero on Thursday backed a plan by DMCI Mining Corp. and Nickel Asia Corp. to conduct a feasibility study to develop a nickel processing plant in the country, as the senate eyes banning ore exports.
“Not only does this align perfectly with our vision of reducing raw mineral exports, but it also paves the way for economic growth and job generation for our people,” Mr. Escudero said in a statement.
The Senate Chief last month introduced a provision to Senate Bill No. 2826, the Enhanced Fiscal Regime for Large-Scale Metallic Mining bill, which prohibits the exports of raw minerals to encourage mining operators to put up ore processing facilities in the country.
The bill, which secured third reading approval on Feb. 3, is up for bicameral conference approval when the Congressional session resumes in June.
The proposed ban on raw ore exports is said to take effect five years after its enactment.
However, Mr. Escudero said earlier that he was looking to propose an extended period to provide miners more time to construct processing facilities.
In a regulatory filing on Wednesday, the companies said that they had signed a memorandum of understanding to explore the possibility of developing and operating a nickel processing plant in the Philippines.
The Philippines is among the biggest exporters of raw nickel, a key material used in electric vehicle batteries as well as in stainless steel. Most Philippine raw nickel exports go to China, with the remainder taken up by Japan. — Adrian H. Halili
