The Mines and Geosciences Bureau (MGB) announced that the Philippines’ metallic mineral production increased by 3.17% to Php 195.9 billion in the first three quarters of 2024, compared to Php 189.8 billion in the same period of 2023.
In a report by Manila Standard, data presented by MGB said gold remains the leading contributor, accounting for Php 92.7 billion, a 19% increase from the previous year, despite a 4% decline in production volume.
Carmen Copper Corporation in Cebu is the main contributor to the country’s copper concentrate production.
Additionally, Masbate, Davao de Oro, and Nueva Vizcaya emerged as the top gold producers, with Masbate’s Filminera Resources Corporation leading the charge, generating 4,495 kilograms worth Php 18.9 billion.
Copper production showed a recovery, with a 44% increase in volume and a 53% rise in value, totaling Php 28.6 billion.
Copper, with an estimated production value of Php 25.67 billion, plays a crucial role in the manufacturing of electrical wiring.
Silver production grew 9% in volume, reaching 39,136 ounces, and saw a 43% increase in value, totaling Php 2.04 billion.
Although still a major contributor, nickel direct ore saw a 21% decline in value, dropping to Php 42.9 billion. Production also fell by 12%, with output decreasing to 25.7 million dry metric tons (DMT) in the first nine months of 2024 from 29.2 million DMT in the same period in 2023.
Nickel, valued at approximately Php 61.60 billion in 2022, is commonly used in the production of coins, accessories, and watches.
Key producers like Taganito Mining Corporation and Rio Tuba Nickel Mining Corporation experienced lower outputs despite being among the top contributors.
Production of mixed nickel-cobalt sulfide, used in high-tech industries such as batteries and electronics, also declined. Volume dropped by 8%, producing 53,875 DMT, while its value decreased by 23% to Php 27.9 billion.
Coral Bay Nickel Corporation and Taganito HPAL Nickel Corporation were significant contributors to mixed sulfide production.
The decline in nickel and mixed sulfides was attributed to lower global market prices, reduced demand from major export markets, and operational challenges, including weather-related disruptions and logistics issues.
On a positive note, rare metals like chromite saw a significant increase, with production rising by 53% in volume and 45% in value, totaling Php 1.39 billion.
The growth in chromite production was largely driven by the Homonhon Chromite Project in Eastern Samar.
Chromite, valued at approximately Php 1.47 billion in production, plays a key role in manufacturing essential tools for medical, dental, and kitchen applications.
The Department of Environment and Natural Resources (DENR) expressed optimism about the sector’s growth potential while emphasizing the importance of sustainable mining practices and investments in infrastructure to enhance competitiveness.
