MGB records PH metallic mineral production rose by 8% in 1H

Mines and Geosciences Bureau (MGB) revealed an 8.06 percent rise in the country’s metal production for the first half of 2023, driven mostly by robust gold and nickel output.

MGB said that metal production reached PHP 123.07 billion from PHP 113.89 billion in the same period last year.

Nickel, gold, and copper are the top three contributors in the total production value with P57.32 billion, equivalent to 46.57 percent, P51.22 billion or 41.62 percent, and P12.74 billion or 10.35 percent respectively.

MGB data also showed silver, chromite, and iron ore having a consolidated value of PHP 1.79 billion accounting for about 1.46% of the total production value.

The cost of gold climbs up by 3.17 percent to $1,933.95 per troy ounce, up from $1,874.47 per troy ounce. Silver prices showed a 1.18 growth to $23.57 per troy ounce from $23.30 per troy ounce.

During the same period, nickel and copper prices dropped by 15.27 percent and 10.73 percent, respectively. Their declining prices are as follows: $10.98 per pound from $12.95 per pound, and $3.95 per pound from $4.43 per pound for the latter.

Nickel ore output jumped by 18 percent in volume, from 12.01 million dry metric tons (DMT) to 16.87 DMT, whilst its production increased by 3,997,829 dry metric tons from 3,792,676 dry metric tons.

MGB also cited Taganito Mining Corp. and Rio Tuba Nickel Mining Corp. as the top two producers with 2.43 million and 2.12 million DMT respectively,

Location-wise, Surigao del Sur accounted for 3.72 million DMT, Palawan with 3.28 million DMT, and Surigao del Norte with 3.2 million DMT, and were among the top nickel-producing provinces.

The top gold producers were namely Philippines Gold Processing and Refining Corp. in Masbate with 3,010 kilograms valued at P10.35 billion. Also included is the OceanaGold Phils Inc. (OGPI) with 1,828 kilograms valued at P6.22 billion.

The production volume of gold also showed a three-percent increase, from 14,670 kilograms to 15,102 kilograms.

Meanwhile, white metals production recorded a 12 percent drop to 23,316 kilograms from 26,635 kilograms, showcasing a flat performance.

Additionally, a six percent rise in copper output was recorded, with 133,072 DMT from 125,852 DMT, mainly driven by Carmen Copper Corp. (CCC) in Cebu.

MGB also mentioned OceanaGold Phils Inc. (OGPI) in Nueva Vizcaya and Philex Mining Corp. (PMC) in Benguet as top copper miners, Bulacan mine of Ore Asia Mining & Development Corp. in iron ore production, and Taganito HPAL Nickel Corp. as good performer in terms of chromite production.