The local metallic production ended 2017 with a record of P109 billion lead, surpassing the previous P103-billion value of the same period in 2016 by six percent, according to the latest data from the Mines and Geosciences Bureau (MGB).
“The leading metals copper, nickel, and gold all enjoyed upturns. Prices were primarily driven by stronger demand from China’s infrastructure and manufacturing sectors coupled with supply disruptions in the world’s key copper and nickel mines,” MGB said.
Gold production amounted 42 percent of the total production value priced at P45.6 billion with $1,257.65 per troy ounce from $1,247.44 per troy in the same period in 2016.
To add, the Masbate Gold Project of Filminera Mining Corp. and Didipio Gold Project of OceanaGold Philippines Inc. in Nueva Vizcaya were major gold contributors last year, accounting up to 53 percent or 24 billion of the country’s total gold production.
Nickel ore, along with mixed nickel-cobalt sulfides, takes second place after gold production up by 39 percent valued at P43 billion year-on-year, while copper production shared 18 percent in the total metal production value with P19 billion, up by only nine percent year-on-year.
Silver production pieced last with only eight percent of the total metallic production at P867 million, and when combined with iron ore and chromite, they contribute one percent valued at P1.04 billion.
Moreover, Taganito Mining Corp. generated 52,353 metric tons nickel output, racing first among 30 other nickel mines in the country, unlike some 13 nickel mines that reported zero production due to some mines being under maintenance and care status or were ordered closed due to environmental-related issues.
Apex Mining Co., Inc. in Compostela Valley, meanwhile, led in silver production, and for copper is Carmen Copper Corp. in Cebu City.
The Philippines currently has 50 metallic mine operations comprising of 30 nickel, eight gold with silver as co-product, four copper with gold and silver as co-products, three chromite, and five iron mines — all on top of many small-scale gold mines across the country.
