PH major miners back gov’t push for local mineral processing

Aiming to support the energy transition despite anticipated challenges in the upcoming year, the top metallic miners in the country are firmly backing the government’s push for local mineral processing of green metals.

In a report by the Philippine Star, Michael Toledo, Chairman of the Chamber of Mines of the Philippines (COMP), highlighted the strong interest of the Philippine metallic mining industry in actively engaging and seizing opportunities arising from this directive.

The year witnessed a booming performance in the metallic minerals sector, fueled by rising prices, favorable foreign exchange conditions, and conducive weather. Toledo credited improved nickel ore prices and favorable weather, especially in the southern regions, for the commendable performance of the nickel sector.

Furthermore, he stressed gold’s significance in shielding investors during economic downturns, emphasizing its status as a safe-haven metal globally.

Despite facing challenges with relatively lower copper prices, favorable weather conditions and a robust dollar-to-peso exchange rate helped minimize production disruptions, according to the COMP chief.

Data from the Mines and Geosciences Bureau (MGB) revealed that the production value of metallic minerals remained strong as of end-September, reaching Php 189.08 billion, primarily due to notable price gains.

Nickel led the production value at nearly Php 90 billion (47.6%), followed by gold at Php 77.65 billion (41.07%), and copper at Php 18.79 billion (9.94%). Meanwhile, silver, chromite, and iron ore collectively accounted for approximately 1.4% of the total, valued at Php 2.64 billion.

PH major miners back gov’t push for local mineral processing

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