THE Chamber of Mines of the Philippines (CoMP) said on Sunday that the air strikes on Iran will make prices of industrial metals like nickel and copper more volatile, while investors are expected flock to gold to ride out the crisis.
“Historically, industrial metals such as copper and nickel often experience volatility due to supply chain disruptions and shifting demand, while geopolitical tensions of this scale drive up gold prices,” CoMP Chairman Michael T. Toledo said via Viber.
The US early Sunday struck several key nuclear facilities in Iran, with US President Donald J. Trump claiming in a speech that sites were “totally obliterated,” and warned that the US could go after additional targets.
Iranian officials have downplayed the attack’s impact but warned of “everlasting consequences.” They have sought an emergency UN Security Council meeting.
“Despite global uncertainty, we remain cautiously optimistic about the resilience of the Philippine mining industry, particularly in gold, copper, and nickel production,” Mr. Toledo said.
The Chamber said downside risks include inflation, rising energy costs, and logistical constraints, which may all affect miners’ operations and project timelines.
“Our members remain committed to managing these risks with discipline,” Mr. Toledo said.
The Chamber, meanwhile, said it supports government efforts to ensure a “stable, competitive policy environment for mining,” citing recent reforms including the proposed rationalization of the mining fiscal regime, which it said strengthens “investor confidence and positions the industry for sustained growth, even amid external headwinds.”
The measure, which seeks a margin-based royalty tax on mines operating outside mineral reservation and a windfall profits tax on all mines, is now up for the President’s signature after legislators agreed to drop a proposed ore export ban. — Kyle Aristophere T. Atienza
