An increase of 6.5 percent was recorded for the first nine months of the year in the value of metal mines production, according to the Mines and Geosciences Bureau (MGB).
A total of P99.58 billion was earned out of these mineral productions, as reported in a Business World article.
Nickel contributed 48 percent or P47.36 billion nickel due to larger volumes shipped which compensated for the decline in nickel prices.
Gold earned P36.9 billion, contributing 37 percent; copper for P14.4 billion or 14 percent; and silver and chromite for P900 million or one percent.
Prices of nickel, copper, and silver had plummeted during the period, while gold prices rose by an average of 6 percent year-on-year to $1,362.99.
“The nine-month average of copper and nickel declined 9.45% and 1.31%, respectively. Copper price dropped from $3 per pound to $2.72 per pound, year-on-year,” the MGB was quoted in a Business World report.
However, nickel prices had been rising in the third quarter.
“The nickel ore export ban in Indonesia is expected to boost prices, which will be a welcome development for the country’s nickel producers. This will naturally increase the demand for our nickel ore,” MGB said.
Indonesia was the top nickel producer globally at 560,000 tons last year. It was followed by the Philippines with 340,000 tons.
Top gold producers were: Masbate Gold Project of the Philippine Gold Processing and Refining Corp., controlled by the Filiminera Mining Corp., the Didipio Copper-Gold Project of OceanaGold Philippines, Inc. and the Mindanao Mineral Processing and Refining Corp. of Philsaga Mining Corp.
The following collection of the mining firms were 5,182 kilograms (kg) worth P11.78 billion; 2,637 kg and 2,596 kg, respectively.
Top silver producers were Apex Maco Operation of Apex Mining Company, Inc., with their 8,518kg worth P227.29 million and 4,093kg worth P107.2 billion share respectively.
Top players for copper production were Carmen Copper Corp.’s Toledo Copper Operation with a 65% share or 36,986 metric tons (MT) worth P8.34 billion. Followed by OceanaGold’s Didipio followed with 10,186 MT, Philex Mining Corp.’s Padcal Copper-Gold operation produced 8,555 MT. Lastly, Lepanto Consolidated Mining Co. produced 951 MT.
Both operations are part of the Nickel Asia Corp. bagged the top spot of being the top nickel producer, which were Taganito Mining Corp. with 65,659 MT worth P5.87 billion, followed by Rio Tuba Nickel Mining Corp. with 35,684 MT worth P2.81 billion.
