Philippines ends open pit mining ban to reinvigorate industry

The Philippines’ annual export revenue from its mineral extraction industry could increase by up to $2 billion over the next five to six years as new mining projects take off. (Shutterstock)
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Updated 07 January 2022
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Philippines ends open pit mining ban to reinvigorate industry

  • Ban imposed since 2017 as mines blamed for environmental damage

MANILA: The Philippines has lifted a four-year-old ban on open-pit mining for copper, gold, silver and complex ores, an official said on Tuesday, marking the second landmark policy move this year as the government tries to revitalise the industry.

Environment and Natural Resources Secretary Roy Cimatu has signed an administrative order lifting the ban, Mines and Geosciences Bureau Director Wilfredo Moncano said.

The government imposed the ban in 2017, when the ministry, which oversees the mining industry, was led by an anti-mining advocate who had blamed the sector for extensive environmental damage.

After several years of restrictive policies that have been blamed for stagnating the industry, the government now wants stalled and new mining projects to attract investments and help stimulate the pandemic-hit economy.

In April, President Rodrigo Duterte lifted a moratorium on new mineral agreements imposed in 2012.

Open-pit mining remained a globally accepted method of extracting minerals, Moncano said.

Cimatu’s predecessor at the environment department, Regina Lopez, had enforced the ban, infuriating miners who argued that the country’s large copper and gold deposits could be exploited only through open-pit mining.

But environmental activists expressed dismay over the policy reversal, with the Alyansa Tigil Mina (Alliance to End Mining) group describing it as “a short-sighted and misplaced development priority of the government.”

The Philippines’ annual export revenue from its mineral extraction industry could increase by up to $2 billion over the next five to six years as new mining projects take off, according to the government.

The Southeast Asian country is China’s biggest supplier of nickel ore and also has substantial copper and gold reserves.

More than a third of the Philippines’ total land area of 30 million hectares (74.1 million acres) has been identified as having “high mineral potential,” but only less than 5% of its mineral reserves has been extracted so far, according to the mines bureau.


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.