Ann: Blackstone Merger to Acquire World Class Copper Gold Project, page-181

The below is taken from the latest LRT.ASX monthly update. Could be something to keep an eye on i.e. no refinery no mine.

"The Philippine Congress could ratify a bill banning raw mineral exports as soon as June, its Senate
leader said. The plan that investors warn could lead to mine closures. The Philippines is the world’s
second-largest nickel ore supplier with bulk of its shipments going to China. The government has
been pushing miners to invest in processing facilities instead of just shipping out raw ore, hoping to
replicate No. 1 nickel supplier Indonesia’s success in boosting mining revenue. Indonesia’s ban on
exports of metal ore in 2020 boosted the value of its nickel exports from $3 billion to $30 billion in two
years as Chinese companies built refineries and smelters there."