Metallic mineral production value grew 22 percent in the first nine months of the year to P121.16 billion from the previous year’s P99.03 billion, the Mines and Geosciences Bureau (MGB) said in a report.
MGB attributed the growth to strong metal prices and better mine production of nickel ore. In terms of contribution to the country’s total production value, nickel and its byproducts, including mixed nickel-cobalt sulfide and scandium oxalate, continued to outperform other metals, accounting for more than 58 percent or P70.83 billion.
Gold followed with 31 percent, equivalent to P37.75 billion while copper had a share of almost 10 percent or P11.74 billion with silver, chromite and iron ore providing less than 1 percent at P840 million.
Average nickel prices in the first nine months of the year surged by 38 percent to $18,035.15 per metric ton (MT ) from $13,059.28 per MT with production of nickel direct shipping ore up by 29 percent to 325,848 MT from 253,204 MT. Gold fetched an average price of $1,801.97 per troy ounce for the period, almost a 4 percent growth from $1,735.39 last year while its volume improved by almost 3 percent to 13,356 kilograms (kg) from 12,973 kg.
The nine-month price average of copper hit $9,187.81 per MT, a 57 percent increase from last year’s $5,837.89 per MT. For the period, copper’s volume slipped 18 percent from 46,520 MT to 38,025 MT. Silver prices reached an average of $25.77 per troy ounce, up 34 percent from last year’s $19.21 despite a 5-percent drop in production volume to 16,875 kg from 17,853 kg.
MGB did not indicate the average price of chromite but reported its production volume slumped 59 percent to 10,816 dry MT from 26,265 dry MT. In terms of regional production value, Caraga had the lion’s share of 46.62 percent, followed by Mimaropa, 13.79 percent and Bicolat the third spot, 12.89 percent.
Most of the country’s operating metallic mines are located in Caraga which hosts two gold mines, one chromite mine, 18 nickel mines, one hydrometallurgical processing plant and one gold processing plant.
