Metallic production value up 6.5%

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    The Mines and Geosciences Bureau (MGB) said the country’s metallic production value in the first nine months of the year grew 6.5 percent to P99.58 billion, from P93.48 billion in the same period last year.

    Nickel direct shipping ore and its other products accounted for the biggest share at 48 percent or P47.36 billion of the total value, followed by gold with 37 percent or P36.90 billion.

    Copper contributed 14 percent or P14.40 billion to the total, with the remaining 1 percent accounted for by silver and chromite at P900 million.

    The MGB said average nine-month copper and nickel prices went down by 9.45 percent and 1.31 percent, respectively. Copper dropped from $3 per pound to $2.72 per pound, while nickel slipped from $6.13 per pound to $6.05 per pound.

    Gold enjoyed a significant price rebound as it went up to $1,362.99 per troy ounce, from $1,283.27 per troy ounce.

    The MGB is optimistic that with the nickel ore export ban set to be implemented by Indonesia starting next year, global prices of the metal will increase and will benefit local producers.

    In terms of gold production, Filminera Mining Corp.’s Masbate gold project led with 32 percent or 5,182 kilograms with an estimated value of P11.78 billion, while Apex Mining Co.’s Apex Maco operation was the top producer of silver for the period at 34 percent or 8,518 kg. valued at around P227.29 million.

    The Toledo copper operations in Cebu of Carmen Copper Corp. led the country’s copper output at 65 percent or 36,986 metric tons (MT) priced at P8.34 billion, while Taganito Mining Corp.’s Surigao Del Norte mines had the highest output of nickel direct shipping ore at 65,694 MT valued at P5.87 billion.