January 17, 2022 | 12:00am
In a timely move, the Philippines lifted the nationwide ban on open-pit mining which had been in effect since 2017. Finance Secretary Carlos Dominguez III who pushed for the “revival of the mining industry” last year, said lifting the ban would raise government tax revenues, attract private investments, and generate jobs among locals in rural areas. This development comes at an opportune time when prices of nickel, copper, and other industrial metals are surging to fresh highs amid dwindling supplies, increased demand from economies reopening, and the aggressive global pivot towards clean energy.
Generating jobs, exports
According to Secretary Dominguez, lifting the ban will help bolster the economy. He cited DENR estimates that 11 pending projects could start immediately, generating P11 billion of yearly government revenue and creating 22,800 jobs. Those projects will also expand the country’s mining exports by 20 percent to P36 billion.
EVs and the clean energy revolution
The long-term prospects of metals like nickel, copper, and lithium are bright. The rapid worldwide transition to electric vehicles (EVs) and clean energy are very reliant on mining and critical minerals. Our top mineral export, nickel, is vital in lithium-ion batteries used in EVs. Our third largest mineral export, copper, is used in renewable energy systems to generate solar, hydro, thermal, and wind energy.