Metallic mineral production value in the Philippines grew 4.6 percent in 2023 to P249.05 billion from P237.66 billion in 2022, according to the Mines and Geosciences Bureau (MGB).
In a report, MGB said growth was driven by gold and nickel ore.
Nickel ore and its nickel by-products, mixed nickel-cobalt sulfide and scandium oxalate accounted for the biggest share with P113.37 billion or 45.52 percent.
This was followed by gold with P106.64 billion or 42.82 percent and copper with P25.41 billion or 10.2 percent.
The combined mine value of silver, chromite and iron accounted for P3.63 billion or 1.46 percent of total.
In terms of production, gold improved by 7 percent to 31,046 kilograms (kg) from 29,036 kg; copper went up by 3 percent to 266,532 dry metric tons (dmt) from 258,729 dmt; iron ore increased by 3 percent to 78,213 dmt from 75,771 dmt; chromite jumped by 16.9 percent to 147,492 dmt from 30,721 dmt and; nickel ore went up 19 percent to 35.14 million dmt from 29.42 million dmt.
The only component that experienced a decrease in production for the period is silver as it slumped by 17.9 percent to 46,160 kg from 56,277 kg.
The average price of gold rose 7.8 percent to $1,942.80 per troy ounce (oz) from $1,802.28 per troy oz while silver prices went up by 7.85 percent to $23.47 per troy oz from $21.76 per troy oz.
Copper prices dipped by 3.8 percent to $3.85 per pound (lb) from $4 per lb while nickel ore dropped by 16.3 percent to $9.93 per lb from $11.86 per lb.
Prices of chromite and iron are not available.
The report said as of January, 2.5 percent or 751,432.75 hectares (has) of the country’s total land area of 30 million has are covered by mining tenements.
“As a short-term outlook, the performance of the minerals sector will always be dictated by prices and price behaviors will naturally depend on the world supply and demand patterns this year and into the next. Supply is influenced by production cutbacks and shortfalls due to disruptions brought about by geopolitical conflicts, weather conditions and fuel prices among others,” the MGB report stated.
MGB said the entry of new players or expansion of existing projects will also be a big factor while demand for metals will be “shaped by how robust or weak the global economy in the construction and manufacturing sectors will be.”
