Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Philippines' Nickel Asia suspends ops at mine after coronavirus outbreak

Published 10/28/2020, 10:25 AM
Updated 10/28/2020, 10:30 AM
© Reuters.

MANILA, Oct 28 (Reuters) - Nickel Asia Corp NIKL.PS , the
Philippines' top nickel ore producer and exporter, said on
Wednesday it has suspended operations at one of its four mines
after an outbreak of the new coronavirus.
Work at Nickel Asia's Hinatuan mine in the nickel mining
hub, the Caraga region, have been suspended from Tuesday until
Nov. 10 as a containment measure, it said in a statement, after
19 employees tested positive.
The Hinatuan mine in Surigao del Norte province accounted
for 11% of Nickel Asia's total ore sales volume last year.
The Philippines is an alternative supply source of nickel
ore for China, which relies mainly on higher-grade material from
Indonesia. Indonesia, however, has temporarily banned exports of
unprocessed minerals.
Ore from the Philippines is used to make nickel pig iron,
the raw material for China's massive stainless steel industry.
Nickel Asia said its unit, Hinatuan Mining Corp, had placed
the entire mine site on lockdown for seven days from Oct. 19.
However, the municipality of Tagana-an, where the mine is
located, has issued a lockdown order for the mine "until further
orders".
Hinatuan will resume essential non-mining and support
activities after the 14-day suspension, while mass coronavirus
testing continues at the site, Nickel Asia said.
The firm did not expect a significant impact of the Hinatuan
mine closure on its financial results because the unit was
already at the tail-end of its mining season.
Nickel mining and shipping operations in southern
Philippines are usually halted in the last quarter of the year
due to the rainy season.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.