Metallic mine production value dropped by 14.37 percent to P53.88 billion in the first half of the year compared with the P62.92 billion recorded in the same period in 2019 due to the impact of the new coronavirus disease 2019 to the industry.
Data from the Mines and Geosciences Bureau (MGB) showed nickel together with its related products accounted for P24.13 billion or 44.79 percent followed by gold, 41.51 percent or P22.12 billion.
MGB said the price of slightly increased to $12,473.17 per ton from $12,316.06 per ton last year while that of gold surged to $1,647.44 per troy ounce (oz) from $1,307.36 per troy oz.
Market analysts believe gold prices will continue to go up.
Copper contributed P7.19 billion or 13.5 percent but its price dropped from $6,164.74 per ton to $5,496.36 per ton. The combined output of silver and chromite accounted for less than a percent or P430 million.
Despite contributing the highest production value, nickel suffered production-value setback from P27.86 billion in 2019 to P24.13 billion as only six nickel projects — Rio Tuba Nickel Mining Corp., Adnama Mining Resources Inc., SR Metals Inc., Agata Mining Ventures Inc., Carrascal Mining Corp. and Marcventures Mining and Development Corp., booked higher production.
MGB expects production in Surigao and Dinagat Island to improve in the coming months on better weather conditions.
Output of gold, silver and copper continued to drop with the absence of Didipio Gold-Copper Project of OceanaGold (Philippines) Inc. in Nueva Vizcaya.
Gold production volume and value decreased 27 percent and 10 percent, respectively.
From 11,252 kg. in 2019 volume fell to 8,246 kg. Value dropped from P24.52 billion to P22.12 billion offset by good prices.
Total production volume and value of copper also declined by 17 percent and 27 percent, respectively from 37,357 metric tons (MT) valued at P9.89 billion to 31,030 MT valued at P7.19 billion.