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Commodities

Philippines' threat to close 20 mines bolsters nickel price

MANILA/BANGKOK -- Global nickel prices spiked on Tuesday after the Philippines, the world's top supplier of nickel ore, announced that 20 more metals mines were at risk of being shut down for violating environmental regulations.

The 20 mines, which include the Philippine unit of Australian miner OceanaGold, were ordered to explain why their operations should not be suspended. Environment and Natural Resources Undersecretary Leo Jasareno on Tuesday said most violations were related to siltation, soil erosion, dust emissions and lack of relevant permits.

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