The country’s metallic mineral production value jumped 36.21 percent in the first quarter of the year to P48.61 billion from P35.69 billion in the same period in 2021, according to the Mines and Geosciences Bureau (MGB).
MGB said higher metal prices and increased production of gold, silver and copper for the period were major drivers of growth.
MGB noted prices are way beyond their pre-pandemic levels.
MGB’s report showed gold had the biggest share in total production value at P22.24 billion or 45.74 percent followed by the collective values of direct shipping nickel ore together with its nickel products, mixed nickel-cobalt sulfide and scandium oxalate at P19.27 billion or 39.64 percent.
Copper followed with P6.31 billion at 12.98 percent while the shared output value of silver, chromite and iron ore contributed P800 million or 1.64 percent.
In terms of production, all metals rose: gold by 15 percent to 7,137 kilograms (kg) from 6,214 kg; silver by 126 percent to 12,673 kg from 5,603 kg; copper; by 47 percent to 64,841 dry metric tons (dmt) from 44,050 dmt; chromite by 282 percent to 18,036 dmt from 4,720 dmt; and iron ore by 177 percent to 44,133 dmt from 15,898 dmt.
Direct shipping ore nickel was the only component that experienced a decrease in production for the period to 3.7 million dmt, down 9 percent, from 4.08 million dmt.
The average price of nickel for the period surged by 59 percent to $28,089.77 per metric ton (MT) from $17,625.46 per MT; copper by 18 percent to $9,986.01 per MT from $8,478.58 per MT; and gold by over 4 percent to $1,874.91 per troy ounce from $1,801.86 per troy ounce.
The agency said it plans to sustain development of the minerals sector by crafting an 18-year road map aimed: at enhancing investors’ confidence in the mineral sector from 2022 to 2024; expanding domestic ore production and mineral asset from 2023 to 2030 and levelling up the domestic industry to the global mineral markets in the field of semi-processed and fully processed mineral products from 2026 to 2040.
