The Philippines is trying to attract investment in its domestic nickel-processing industry as it looks to tap the value of metals and minerals, the country's environment minister said on Thursday.
The Philippines, already a major supplier of nickel ore to China, must now move up the value chain, Environment and Natural Resources Minister Maria Antonia Yul-Loyzaga said in an interview.
"We are still a supplier country at the moment. What we want to be is a value creator, so we want to be part of the value chain, not just the supply chain."
"It's expensive, but we're also one of the most mineralized countries in the world. Everyone wants our minerals, "she said.
The Philippines is seeking to follow in the footsteps of its neighbour Indonesia. Indonesia has managed to attract large-scale investment in its nickel ore processing industry after banning exports of unprocessed ore in 2020.
But Yulo Loyzaga suggested that a similar ban is unlikely in the Philippines.
"This government says mining is open, but [it should be] a responsible mining industry," she said.
The Philippines has only two Nickel processing plants, partly owned by Nickel Asia Corp, the country's largest ore producer.
"There is no hard target [in terms of the number of processing plants needed], but nickel is definitely one of the areas where there must be more processing plants," says Mr Loyzaga.
Nickel Asia president and chief Executive Officer Martin Antonio Zamora said on Monday it would assess the feasibility of building another processing plant.
