Metal production in the Philippines increased by 4.8% in 2023, driven by improved prices and higher output, according to data from the Mines and Geosciences Bureau (MGB).
In a report by Business World, the value of production saw an increase as it reached Php 249.05 billion, higher than Php 237.66 billion in 2022, with gold accounting for nearly half of the total production value at Php 106.64 billion, marking a 17% increase from the previous year.
Nickel ore also saw a 7% increase in value to Php 65.84 billion, contributing to Php 113.37 billion for nickel-related products, which accounted for 45.52% of the total production value.
Meanwhile, the production of silver had receded by 18% to 46,160 kilograms, amounting to Php 1.86 billion in 2023.
Production of copper increased by 3% to 266,532 dry metric tons (DMT). Iron ore production also increased by 3%, up by 78,213 DMT.
Not only did the production of chromite increase by 17% annually to 101,960 DMT, but nickel direct shipping ore also increased by 19% to 35.14 million DMT.
Additionally, the bureau stated that geopolitical conflicts, cuts in production, rising fuel prices, and weather conditions influenced supplies.
Moreover, the MGB shared that new mining players had entered the industry, namely ARC Nickel Resources and Hallmark Mining Corporation situated in Davao Oriental, Gran Consolidated Mining, Inc. situated in Davao de Oro, and Kafugan Mining, Inc. in Surigao del Sur.
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Tags: increasemetal productionMGBmines and geosciences bureau
