Metal prices support Philippine mining expansion
The Philippine Mines and Geosciences Bureau (MGB) said that metallic…
The Philippine Mines and Geosciences Bureau (MGB) said that metallic mineral output value was P68.63 billion from January to June, up from P55.13 billion a year earlier.
53.44 % of products of Nickel accounted for total production value, or P36.68 billion, followed by gold, which accounted for 34.84 percent, or P23.91 billion, and copper, which accounted for 10.87 %, or P7.46 billion.
MGB reported that nickel ore output increased 39% to 151,646 metric tons, valued at P21.42 billion.
The gold produced in the first half rose by 3% to 8,545 kilos, an estimated P22.15 billion. Gold’s average price in the first half increased 9.8 % to $1,808. Philippines Gold Processing and Refining Corp. was the largest gold producer, producing 3,558 kilograms, followed by Mindanao Mineral Processing and Refining Corp.
On the other hand, copper output volume fell 24% to 23,557 MT in the first six months, despite a 4% rise in value to P7.46 billion.
Carmen Copper Corp. provided 75% (17,568 MT) of total production output, while Philex Mining Corp. contributed 25% (5,989 MT). Silver production volume decreased 6% to 11,069 kilos, while the value increased 46% to P451.47 million.
Apex Mining Co., Inc. produced the most silver, followed by the Philippines Gold Processing and Refining Corp. IN A MOBILE PHONE MESSAGE, Calixto V. Chikiamco, President of the Foundation for Economic Freedom, stated that he expects the mining industry’s excellent performance to continue.
MGB stated that the local minerals industry would contribute significantly to the national economy in the future, especially with the reopening of OceanaGold Philippines, Inc.’s Didipio Copper-Gold Project in Nueva Vizcaya and the issuance of the implementing rules and regulations for Executive Order No. 130, which lifted the prohibition on new mineral agreements.