The Philippines’ metallic mineral production value grew by 14.11 percent in the first quarter of the year to P28.91 billion from P25.34 billion attributed to higher metal prices.
In a report, the Mines and Geosciences Bureau (MGB) said the average price of gold for the period went up by 14 percent to $1,801.86 per troy ounce from $1,584.87 per troy ounce while metal prices surged by 55 percent to an average of $26.29 per troy ounce from $17.00 per troy ounce.
The three-month averages for copper and nickel also grew by 50 percent and 38 percent, respectively. Copper went up from $5,651.25 to $8,478.58 per ton while nickel rose from $12,739.72 to $17,625.46 per ton.
The collective output of nickel ore and other nickel by-products contributed 47.12 percent or P13.62 billion to total production value followed by gold, 40.49 percent or P11.71 billion; copper, 11.51 percent or P3.33 billion and the consolidated value of silver, chromite and iron ore accounted for less than 1 percent or P250 million.
Nickel ore continued to enjoy upbeat prices and posted significant advances both in volume and value by 48 percent and 106 percent, respectively, from 2,406,973 dry metric tons (dmt) with an estimated value of P2.87 billion to 3,570,374 dmt with an estimated value of P5.92 billion.
Mixed nickel-cobalt sulfide production volume and value were down by 10 percent and 1 percent, respectively, from 22,493 dmt with an estimated value of P7.66 billion to 20,239 dmt with an estimated value of P7.61 billion.
Gold production volume and value went up by 3 percent and 10 percent, respectively from 4,098 kg valued at P10.66 billion to 4,212 kg valued at P11.71 billion but silver suffered a 12 percent deficit in volume from 6,335 kg to 5,603 kg while enjoying a 33 percent increase in value from P169.67 million to P225.55 million.
Copper production volume and value declined by 33 percent and 10 percent, respectively to 44,050 dmt with an estimated value of P3.33 billion from 65,538 dmt with an estimated value of P3.69 billion.
The MGB said mineral analysts are optimistic that the favorable metal price will be sustained especially with China’s stable appetite for copper and nickel to support its stainless and electric vehicle battery supply industries.
But the agency warned of disruptions in mining production worldwide due to forced lockdowns and slashed operating hours still loom which can further tighten metal prices.
