After several years of restrictive mining policies, the Philippines is now turning the course. The island nation southeast of China has relatively large reserves of gold, silver, copper and other strategic ores.
According to analysts, the price of copper should continue to fall. This is due to a decline in demand from speculators, as well as a growing supply of this metal on the market. Interest in copper is also dampened by fears of a new outbreak.
One of China's largest miners has announced an investment in a project to increase copper production by 100,000 tons a year. The main reason is the expected growing demand for batteries for electric cars.
Norwegian, a Russian mining company, said it expects nickel, copper, platinum, and palladium production to fall by about 15 to 20 percent this year. Two mines in Siberia are to blame. Markets react by rising the prices of these metals.