According to Bloomberg, the Philippines will audit all existing mining operations to ensure they are compliant with international standards for responsible mining.
The comments from Environment Secretary Gina Lopez pushed nickel up by 5.6%, its biggest one-day gain since February.
LME cash nickel now sits at $9926.50/t, its highest level since November 2015.
Other base metals also enjoyed strong gains, with lead up by 3.5%, and zinc and tin rising by more than 2%.
The gold price was also stronger, rising to $1342.40 an ounce, while silver jumped to $19.76/oz, its best price since September 2014.
Australian dollar spot gold was at $A1795/oz this morning as the local currency dipped back below US75c.
Ahead today, the Australian market is set to open higher, despite no election result and the prospect of a hung parliament.
“In the near-term, increased uncertainty around the political outlook is likely to weigh on both household and business confidence,” ANZ Research said.
“Further out, a minority government and/or an unmanageable Senate will make it difficult to pass legislation, which could mean a delay of the return to budget surplus and possibly further speculation about the AAA credit rating.”
TLM Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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