Miners May Avoid Shutdowns in Philippine Audit as Nickel Drops
- Nickel Asia, OceanaGold confident sites to remain in operation
- Audit ordered by government to check on environment standards
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A mining audit in the world’s top nickel supplier that’s threatened mass closures may see producers prevail, with companies signaling their confidence shutdowns can be avoided as they race to remedy problems flagged in the nationwide Philippine checkup. Futures dropped.
Nickel Asia Corp. said its Hinatuan Mining Corp. unit, among those slated for closure unless it fixes shortcomings, remains in operation a week after the audit’s findings and it’s expected to stay that way, according to a statement on Tuesday. Separately, OceanaGold Corp. said its Didipio copper-gold mine is also still in business and talks with officials have been constructive.