THE value of metallic mineral production in the Philippines rose by 8.06 percent during the first six months of 2023, the Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-MGB) said on Monday.
Data from the DENR-MGB showed that the value of domestic metallic mineral production increased in the first six months of the current year to P123.07 billion from P113.89 billion in the same period of 2022 due to the good performance of gold and nickel.
Metallic mineral production value increased by 8.06 percent in the first half of 2023 to P123.07 billion from P113.89 billion in the same period in 2022, according to the Mines and Geosciences Bureau (MGB).
MGB attributed the growth to the outstanding performance of gold and nickel.
In a report, MGB said nickel ore and its products such as mixed nickel-cobalt sulfide and scandium oxalate, had the biggest share in terms of contribution to total production value at P57.32 billion or 46.57 percent.
Gold followed with P51.22 billion equivalent to 41.62 percent and copper with P12.74 billion or 10.35 percent.
The remaining 1.46 percent or P1.79 billion were from the combined mine value of silver, chromite and iron ore.
In terms of production, all minerals except silver registered increases in volume: nickel ore by 40 percent to 16,865,887 dry metric tons (dmt) from 12,013,110 dmt; gold by 3 percent to 15,102 kilograms (kg) from 14,670 kg; copper by 6 percent to 133,072 dmt from 125,852 dmt; chromite by 20 percent to 47,449 dmt from 39,522 dmt and; iron ore by 17 percent to 56,131 dmt from 47,797 dmt.
Silver production went down 12 percent to 23,316 kg from 26,635 kg.
The average price of gold rose 3.17 percent to $1,933.95 per troy ounce from $1,874.47 per troy ounce while average price of silver improved by 1.18 percent to $23.57 per troy ounce from $23.30 per troy ounce.
The average nickel price dropped 15.27 percent to $10.98 per lb from $12.95 per lb.
Copper prices went down 10.73 percent to $3.95 per lb from $4.43 per lb.
Estimated excise tax collected from minerals stood at P3.25 billion and royalties amounted to P932.02 million.
There are 21 mining projects located within the mineral reservation areas comprised of 20 mining projects and a chromite mining project.
MGB continues to be optimistic about the growth of the mining sector with four nickel mining projects set to commence operations between 2023 and 2025.
These will be undertaken by Zambales Chromite Mining Co. Inc.; Macroasia Mining Corp., Stagno Mining Corp. and AamPhil Natural Resources Exploration and Development Corp.