The Philippines’ metallic mineral production value increased by 3.17 percent in the first nine months of 2024, reaching P195.92 billion, compared to P189.9 billion during the same period in 2023, according to the Mines and Geosciences Bureau (MGB).
A report from the MGB showed the increase was driven by improvements in the value of chromite, copper, silver and gold for the period despite experiencing lower production.
The report showed gold, with P92.67 billion, had the biggest share to the total production value for the period, equivalent to 47.3 percent.
Gold was followed by nickel ore together with its products such as mixed nickel-cobalt sulfide and scandium oxalate at P71.05 billion, equivalent to 36.3 percent, and copper with P28.6 billion or 14.6 percent, the report said.
MGB said the combined mine value of silver, chromite and iron ore accounted for about 1.84 percent or P3.6 billion.
In terms of production for the period, silver rose by 9 percent to 39,136 kg from 35,788 kg; copper concentrate surged by 44 percent to 280,718 dry metric ton (dmt) from 195,533 dmt; and chromite jumped by 53 percent to 103,917 dmt from 67,877 dmt.
According to the report, gold, iron ore as well as nickel and its byproducts recorded production declines.
Gold went down by 4 percent to 22,034 kg from 22,948 kg, while iron ore slumped by 51 percent to 48,048 dmt from 98,110 dmt.
Nickel direct shipping ore volume declined by 12 percent to 25.7 million dmt from 29.23 million dmt; mixed nickel cobalt sulfide decreased by 8 percent to 53,875 dmt from 58,297 dmt; and scandium oxalate production plummeted by 30 percent to 8,751 dry kg from 12,545 dry kg.
“We remain upbeat on nickel given that the rapid adoption of electric vehicles and renewable energy technologies will undoubtedly drive demand in 2025 and beyond. Copper, on the other hand, will demonstrate its increasing role as a vital indicator of global economic health and like nickel, a catalyst of decarbonization efforts,” said Michael Toledo, chairman of the Chamber of Mines of the Philippines.
Toledo cited projections by experts who said gold will reach $3,000 per ounce by mid-2025.
