Philippines Mining Industry Analysis 2012

  • May 2014
  • -
  • Business Monitor International
  • -
  • 87 pages

Includes 3 FREE quarterly updates

The Philippines' mining segment is set to rise in value from US Dollar 3.2bn in 2010 to US Dollar 7.8bn in 2016. We have a very positive overall outlook for the country's mining market, but hold a cautious medium-term view regarding the country's political and security risks. We believe that the current Aquino administration is able to eventually overcome these shortcomings and can set the foundation for substantial growth in the future. President Aquino in late 2011 called for the creation of a new comprehensive national mining policy aimed at resolving current mining law problems.
Political Meddling Impedes Development Within the current mining legislative framework, there is an overlap between provincial governments and the central government. There have been cases where exploration and production agreements approved by the central government were rendered meaningless by provincial government ordinances. The most prominent case in the country at the time of writing is the current ban on open pit mining in South Cotabato which puts at risk the development of the US Dollar 5bn Tampakan copper gold project. The project is currently on hold as it still lacks an Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR). The DENR has refused to issue the certificate as the open pit mining issue has not been resolved yet. This would be one of the key developments to watch out for in 2012 and would determine the future direction of the country's gold and copper mining markets .

Table Of Contents

Executive Summary . 5
Industry SWOT Analysis 6
Philippines Mining Segment SWOT .. 6
Philippines Business Environment SWOT . 7
World Mining Outlook 8
Data : Recent Tax Increases 10
Data : Largest Coal Projects ... 12
Data : Major Frontier Mining Projects ... 13
Asia Mining Segment Outlook .. 14
Data : Key Asia Pacific Legislative Changes ... 14
Industry Trend Analysis 19
Data : Philippines' Mining Market Value and Production 19

Market Projection s . 20
Coal: Government Intervention Limits Growth Potential . 20
Data : Philippines' Coal Production 22
Nickel: Strong Growth Potential From Nickel Pig Iron Demand .. 22
Data : Philippines' Nickel Production . 24
Gold: Open Pit Mining Ban Major Risk 24
Data : Key Gold Projects And Expansions .. 25
Data : Philippines' Gold Production 26
Copper: Bright Long-Term Potential 26
Data : Key Copper Projects And Expansions .. 27
Data : Philippines' Copper Production 28
Regulatory Structure . 29
Data : Key Asia Pacific Legislative Changes ... 29
Data : Philippine Mining Agreements.. 31
Asia Business Environment Ratings ... 32
Data : Asia Mining Risk-Reward Ratings 32

Competition Overview 36
Data : The Philippines - Comparative Valuation Metrics ... 37
Company Profiles .. 38
Nickel Asia ... 38
Data : Nickel Asia - Financial Results 41
Philex Mining Corporation .. 42
Data : Philex - Financial Results 45
Semirara Mining .. 46
Data : Semirara Mining - Financial Results ... 48
Commodity Strategy .. 49
Copper To Edge Lower 49
Aluminium: No Sustained Recovery Ahead .. 49
Oil: Prices To Pull Back .. 50
Gold: Still Bullish 51

Environment Overview Ratings Methodology 53
Data : Mining Business Environment Indicators . 54
Data : Weighting Of Components 55

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