The country’s metallic output value expanded by around 30% in the first nine months of the year amid higher output and prices of nickel and gold, the Mines and Geosciences Bureau (MGB) said.
The country’s mineral production value for the first three quarters of the year is Php 175.61 billion, which is Php 39.79 billion (29.21%) more than last year’s Php 136.21 billion.
“Important factors for this development were the bullish metal prices of nickel ore and gold paired with the increased mine output of gold, silver, chromite, and iron ore during the period,” MGB said in a statement.
Prices of nickel ore went up by 47.2% to $11.97 per pound, which MGB stated as above the 2018-2021 levels.
China is the country’s major trading partner for nickel ore.
Meanwhile, Gold’s nine-month average went up from $1,809.97 per troy ounce to $1,826.47, even after its third-quarter average price is lower on a year-on-year basis.
Silver and copper prices also declined by 14.84% and 0.64%, respectively.
MGB data stated that nickel ore, which includes by-products like mixed nickel-cobalt sulfide and scandium oxalate, has the largest share at Php 49.4%, contributing Php 86.94 billion.
Meanwhile, gold contributed 38.32% or Php67.45 billion. While copper accounted for 10.79% or Php18.99 billion.
“Overall, there was a remarkable increase in the value of mineral commodities year-on- year,” MGB said.
