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Philippine mining stocks drop as Duterte signals mineral export ban

Following Indonesian example, new policy could push up metal prices

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Nickel ore is piled up at Santa Cruz, a port in Zambales in the northern Philippines.   © Reuters

MANILA -- Shares in Philippine mining companies fell on Tuesday after President Rodrigo Duterte said he was considering a ban on mineral exports to promote development of related downstream industries.

The mining and oil sub-index on the Philippine Stock Exchange dipped 0.61% on the news, and selling of major nickel exporter stocks was more pronounced. Nickel Asia, the country's largest nickel ore producer, fell 8.11%; Global Ferronickel Holdings was down 3.10%, and DMCI Holdings 1.89%. Manila's benchmark index meanwhile gained 0.11%.

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