Metallic mineral production value jumped 29.21 percent in the first nine months of 2022 to P175.61 billion from P136.21 billion in the same period in 2021, according to the Mines and Geosciences Bureau (MGB).
MGB attributed this to higher metal prices of nickel ore and gold paired with increased mine output of gold, silver, chromite and iron ore.
In a report, MGB said nickel ore and its nickel by-products, mixed nickel-cobalt sulfide and scandium oxalate continued to have the largest share with P86.94 billion or 49.40 percent.
This was followed by gold with P67.45 billion or 38.32 percent and copper, P18.99 billion or 10.79 percent.
The combined mine value of silver, chromite and iron ore accounted for P2.63 billion or 1.49 percent.
In terms of production, gold improved by 16.7 percent to 21,836 kilograms (kg) from 18,715 kg; silver surged by 131 percent to 41,710 kg from 18,045 kg; copper went up by 22 percent to 190,767 dry metric tons (dmt) from 156,864 dmt; chromite jumped 828.7 percent to 100,447 dmt from 10,816 dmt; and iron ore increased by 51 percent to 57,040 dmt from 37,785 dmt.
Direct shipping ore nickel was the only component that experienced a decrease in production, by 17 percent to 27.24 million dmt from 22.53 million dmt.
The average price of nickel ore for the period surged by 47.21 percent to $11.97 per lb from $8.13 per lb while gold increased by 1.36 percent to $1,826.47 per troy ounce from $1,801.97 per troy ounce.
Copper prices dipped by 0.64 percent to $4.12 per lb from $4.15 per lb while silver prices went down by 14.84 percent to $21.94 per troy ounce from $25.77 per troy ounce.
The MGB said metal prices could have dropped in the fourth quarter and will likely go down up to 2023 due to weaker global growth and concerns over a slowdown in China’s demand due to its zero COVID policy .
The agency said t prices are still expected to remain higher than their average over the past five years.
