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Philippines Q1 nickel ore output up 5.3% y/y - mines bureau



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Philippines Q1 nickel ore output totals 4 mln dmt

Philippines is key nickel ore supplier to China

Adds value in paragraph, background

MANILA, June 7 (Reuters) -Philippine nickel ore output in the first quarter totalled 4 million dry metric tons (dmt), up 5.3% versus the 3.8 million dmt produced in the same period last year, the Mines and Geosciences Bureau (MGB) said on Wednesday.

Of the 33 nickel mines in the Philippines, only 13 recorded output during the first quarter while the rest did not produce any due to unfavourable weather or because they were under maintenance, the agency said in its quarterly report.

In terms of value, nickel ore output in the Philippines rose 43% to 11.53 billion pesos ($205.89 million) at an average price of $11.78 per pound, the MGB said.

A major nickel ore supplier to top metals consumer China, the Philippines is optimistic about its metallic mineral exports this year, particularly nickel and gold.

The MGB said almost 97% of nickel ore exports in the last two years went to China, where demand is expected to increase this year, after it scrapped strict COVID-19 measures and reopened its economy.

Increased nickel ore supply from the Philippines, however, adds to an anticipated global surplus of the material used in making stainless steel and batteries for electric vehicles, as top producer Indonesia ramps up output.

The Philippines, meanwhile, is working to woo investment into its domestic nickel processing sector, as the resource-rich country looks to squeeze value out of its metals and minerals industry, similar to what Indonesia has been doing.




Reporting by Enrico Dela Cruz

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