The value of metallic mineral production jumped 39.42 percent in the first half of 2022 to P112.66 billion from P80.81 billion in the same period in 2021, driven by higher metal prices and increased production of gold, copper and nickel.
The Mines and Geosciences Bureau (MGB) in a report said nickel ore and its byproducts such as mixed nickel-cobalt sulfide and scandium oxalate contributed the most to production value at P51.32 billion or 45.55 percent.
Gold followed with P46.44 billion or 41.22 percent and copper with P12.84 billion or 11.39 percent.
The combined mine value of silver, chromite and iron ore accounted for about 1.83 percent or P2.07 billion
In terms of production for the period, these metals showed improvement: gold by 19 percent to 14,813 kilograms (kg) from 12,431 kg; silver, 141 percent to 26,802 kg from 11,114 kg; copper, 28 percent to 125,852 dry metric tons (dmt) from 98,495 dmt; chromite 1,000 percent to 94,026 dmt from 8,429 dmt; and iron ore, 80 percent to 47,797 dmt from 26,524 dmt.
Only direct shipping ore nickel posted a decline production f to 10.82 million dmt from 13.57 million dmt, a 20 percent drop.
The average prices of these metals also increased: nickel by 63 percent to $28,564 per metric ton (MT) from $17,490 per MT; gold, 3 percent to $1,874.47 per troy ounce from $1,808.59 per troy ounce; and copper 7 percent to $9,756.17 per MT from $9,094.61 per MT.
The average price of silver dropped 12 percent to $23.30 per troy ounce from $26.49 per troy ounce.
MGB said the outlook for the local minerals industry remains optimistic.
As of the first half of the year, only about 2.54 percent or 763,378 hectares of the Philippines’ total land area of 30 million hectares is covered by mining tenements.
