Interest in mining seen staying strong
The government is optimistic investors will push through with their mining projects here despite the continued softening of metals prices, the Mines and Geosciences Bureau (MGB) said.
“The outlook on metal prices remains bleak as the global economic crisis, which has beset most powerhouse nations, shows no signs of letting up any time soon,” the bureau said.
The MGB noted that nickel prices, which posted substantial increases in 2006 and 2007, have started falling this year after peaking at $23.67 per pound in May 2007.
The average price of nickel in the first nine months of the year has dropped by 38.3 percent to only $11.13 per pound from the year-ago level of $18.05 per pound.
Similarly, copper price fell sharply in September 2008 to only $3.17 per pound from the high of $3.94 per pound early this year.
