The country’s state planner said it would also set up a no-coal zone in cities around Beijing in 2017 to try reducing the capital's hazardous smog levels.
Texas-based Ocean Minerals says the area is also rich in scandium, a key ingredient for making an extremely light, strong, corrosion resistant, heat tolerant and weldable alloy.
The world’s two largest iron-ore exporters Brazil and Australia will each add about 100 million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup Inc.
The equipment maker is currently spending most of its R&D budget in its digital area, which aims to help miners reduce the amount of machinery needed at operations.
Duterte's government has also ordered a stop to small-scale mining operations working outside the country's mining co-operatives system, a decision that touches gold miners.