AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

MGB: PH metallic mineral production up 30%

AngMinero News by AngMinero News
December 6, 2022
in Business, News
26 2
0
MGB speeds up formalization of small-scale mining operators
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

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.

Tags: GoldMGBmines and geosciences bureaunickelNickel ore

Related Posts

Mining, fossil fuels banned from green financing schemes
News

Mining players amend to higher, but “just and fair” taxes

February 1, 2023
Philex 2021 core net income soars 118% to Php2.53B
Business

Philex Mining to invest in Macawiwili in line with expansion plans

January 24, 2023
Nickel Asia buys 33.05M shares in Coral Bay Nickel
News

Nickel Asia considering opportunities in EV industry

January 24, 2023
Glencore eyes PH partnership for nickel, copper processing
Business

Glencore eyes PH partnership for nickel, copper processing

January 20, 2023
Foreign chambers OK with lifting of mining ban
News

Earnings from Mining eyed as source for Maharlika Fund

January 20, 2023
Government eyeing boost of PH mining sector
News

Diokno: PH mining to be a key economic driver

January 19, 2023

FEATURED POST

Mining, fossil fuels banned from green financing schemes

Mining players amend to higher, but “just and fair” taxes

February 1, 2023
Philex 2021 core net income soars 118% to Php2.53B

Philex Mining to invest in Macawiwili in line with expansion plans

January 24, 2023
Nickel Asia buys 33.05M shares in Coral Bay Nickel

Nickel Asia considering opportunities in EV industry

January 24, 2023
Glencore eyes PH partnership for nickel, copper processing

Glencore eyes PH partnership for nickel, copper processing

January 20, 2023

EDITOR PICK'S

Mining players amend to higher, but “just and fair” taxes

February 1, 2023

Philex Mining to invest in Macawiwili in line with expansion plans

January 24, 2023

Nickel Asia considering opportunities in EV industry

January 24, 2023

Glencore eyes PH partnership for nickel, copper processing

January 20, 2023

Earnings from Mining eyed as source for Maharlika Fund

January 20, 2023

Diokno: PH mining to be a key economic driver

January 19, 2023

DFA holds consultations on deep seabed mining

January 3, 2023

Recent News

Mining, fossil fuels banned from green financing schemes

Mining players amend to higher, but “just and fair” taxes

February 1, 2023
Philex 2021 core net income soars 118% to Php2.53B

Philex Mining to invest in Macawiwili in line with expansion plans

January 24, 2023

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In