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Sunday, July 14, 2024

PH woos Indonesian companies to invest in critical minerals sector

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The Department of Trade and Industry (DTI) pitched to potential investors in Indonesia the Philippines’ rich natural resources and ripe economic climate for investments in mining and green metals processing.

The DTI’s Philippine Trade and Investment Center in Jakarta (PTIC-Jakarta) vouched for the Philippines’ Green Metals Initiative, the country’s standing policy on critical minerals processing, in a presentation at the Indonesia Nickel and Cobalt and EV Conference from June 11 11 to 13, 2024.

PTIC Jakarta led by commercial attaché and economic official Jeremiah Reyes met with industry representatives who expressed interest in exploring mining and processing opportunities in Philippines.

As part of the DTI’s strategic approach to positioning the country as a regional hub for sustainable and innovative manufacturing services, Reyes said the Philippines is leveraging its reserves of green metals to establish itself as a significant player in the transition towards a clean economy.

According to the United States Geological Survey, the Philippines was the second-largest producer of mined nickel in 2023, with an estimated production of 400,000 metric tons.

The Philippines has 26 producing nickel mines, making it the top exporter of nickel direct shipping ore globally, mostly to China.

The Philippine nickel industry remains a key player in the global market, supplying raw materials for the manufacturing of stainless steel, batteries and other industrial applications.

Apart from nickel, the Philippines also has abundant sources of other critical minerals, such as cobalt (typically produced alongside nickel in the form of mixed-nickel cobalt sulfide), copper, chromite, gold, and iron.

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