THE country’s metallic mine production value dropped 10.69 percent to P24.86 billion in the first quarter of the year from P27.84 billion in the same period in 2019 due to the impact of the new coronavirus disease 2019 (COVID-19) to the industry, the Mines and Geosciences Bureau (MGB) said
MGB said the zero contribution of OceanaGold Philippines Inc.’s (OGPI) Didipio gold project in Nueva Vizcaya also dragged production value. OGPI accounted for about 12 percent or P3.64 billion worth of copper, gold and silver in the production value in the first quarter of last year.
In terms of contribution to the total metal mineral production value, gold led with a share of 43 percent or P10.66 billion followed by nickel and its sub-products at 41 percent or P10.29 billion and copper with 15 percent or P3.69 billion. The remaining 0.90 percent or P220 million were from the combined value of silver and chromite.
MGB said better prices in the first quarter of 2020 sustained gold’s share to the overall production value, rising $280 per troy ounce (oz) from $1,304.15 per troy oz to $1,584.17 per troy oz year-on-year.
Gold’s total production was down from 5,651 kilograms (kgs) with an estimated value of P12.22 billion to 4,098 kgs with an estimated value of P10.66 billion, year-on-year.
The Masbate gold project of Filminera Mining Corp./Philippine Gold Processing and Refining Corp. led the production with 1,396 kgs valued at P3.61 billion or 34 percent of the country’s total gold mine output.
Nickel prices grew from $12,382.18 per ton to $12,739.72 per ton, year-on-year, up by almost $358 per ton.
Despite the good prices, nickel direct shipping ore incurred deficit both in volume and in value at 27 percent and 17 percent, respectively, from 38,146 metric tons (MT) valued at P3.05 billion to 28,006 MT valued at P2.54 billion, year-on-year.
MGB said of the 29 listed operating nickel mines, only 11 reported their metallic production while all the remaining 18 were either under care and maintenance program or reported zero production due to unfavorable weather conditions.
Copper suffered production setback both in volume and value of 3,315 MT and P1.37 billion, respectively. Recorded total mine output and value in the period was 16,035 MT with an estimated value of P3.67 billion from 19,350 MT with an estimated value of P5.06 billion in 2019.
MGB said the absence of a new player as well as of OGPI resulted to the sluggish performance of copper. From 2013 to 2018, OGPI accounted for about 2 percent up to 27 percent of the country’s copper production.
The Toledo copper project of Carmen Copper Corp. in Cebu dominated the production with 79 percent and 77 percent of the total copper production volume and value in the quarter or 12,663 MT with an estimated value of P2.85 b
