MANILA – The Philippines needs to attract more investors in the nickel sector to support the growing demand for nickel ore, especially as investments in clean energy technologies such as electric vehicles (EVs) are expected to surge to more than $1 trillion globally in the next five years, according to a group of nickel mining players.
In a statement, the Philippine Nickel Industry Association (PNIA) pointed out that the country only had two operating nickel processing plants despite increasing demand for the metal used for EV batteries and the development of smart cities.
“Clean energy and smart cities cannot be realized without nickel, as nickel has cross-cutting use in the development and manufacturing of various clean energy technologies such as EVs, solar panels, power grid systems, wind turbines and new technologies, such as hydrogen-based energy,” said PNIA president Dante Bravo.
Bravo said local nickel production reached 29.2 million dry metric tons in 2022, and 3.9 million dry MT in the first quarter of this year through the Philippines’ 34 nickel mines.
Each processing plant, however, needs at least 100 million tons of raw nickel ore to be considered viable, he added, and that additional investments could enable the further development of the country’s nickel reserves.
“The industry needs a lot of support from the government, be more open to exploration and make it easy for foreign investors to come in,” Bravo said.