Philippine Tycoon Says Bigger Mining Areas Key to Riding EV Boom [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
says the resource-rich Southeast Asian nation should take advantage of brisk demand for electric vehicles. “It's the mines that should be expanded to the point where you have the basis to justify smelting or refining operations in this country,” Pangilinan told reporters Monday evening. Pangilinan is the chairman of Philex Mining Corp. which has a copper-gold mine that's slated to start production next year and is also looking at developing a new nickel mine. The Philippines and Indonesia are the world's biggest suppliers of nickel — used in making stainless steel and in lithium-ion batteries for EVs — to top market China. Unlike Indonesia, which boosted its nickel exports to $30 billion from $3 billion in two years as Chinese companies built refineries and smelters there, the Philippines continues to ship out most of its raw nickel ore amid a lack of processing facilities. Philippine President Ferdinand Marcos Jr.'s government has been pushing miners to invest in the downstream
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