The country’s metallic minerals production surged 31.73 percent in 2022 to P238.05 billion from 2021’s P180.71 billion, according to the Mines and Geosciences Bureau (MGB).
This was achieved despite the lingering impact of the pandemic and the protracted Russia-Ukraine war that slowed global economic activities and disrupted supply and demand chains.
In a report, the agency said nickel ore nickel by-products, mixed nickel-cobalt sulfide and scandium oxalate posted the largest production share of 49.39 percent valued at P117.58 billion.
This was followed by gold, valued at P90.95 billion or 38.21 percent, and copper worth P25.67 billion or 10.78 percent.
The combined mine value of silver, chromite and iron ore accounted for only 1.61 percent valued at only P3.84 billion.
In terms of production, gold improved by 15 percent to 29,007 kilograms from 25,332 kg; silver surged 82 percent to 56,227 kg from 30,856 kg; copper up 21 percent to 258,729 dry metric tons (dmt) from 214,684 dmt; chromite jumped 380 percent to 147,492 dmt from 30,721 dmt and iron ore which rose 11 percent to 75,771 dmt from 68,191 dmt.
Nickel or was the only component that posted a decline in production for the period as this fell 11 percent to 29.27 million dmt from 32.93 million dmt.
The average price of nickel ore during the period surged 42.01 percent to $11.86 per pound from $8.35 per pound while gold increased 0.1 percent to $1,802.28 per troy ounce from $1,800.39 per troy ounce.
However, copper prices dipped 5 percent to $4 per pound from $4.21 per pound while silver prices went down 14.52 percent to $21.76 per troy ounce from $25.45 per troy ounce.
The MGB has not data on the price of chromite and iron ore during the period.
It listed 56 operating metallic mines at the moment, of which 45 are commercially operating and the remaining 11 under so-called care and maintenance status.
The Philippines currently has seven processing plants that include one copper smelter; four for gold and two hydrometallurgical processing facilities.
The MGB is optimistic of greater minerals production and export this year given the improved level of metal demand from China.
The agency said 33 mining projects starting to operate within the next six months, of which 14 are for metallic minerals.
Of the 14 metallic minerals projects, one is in Cagayan Valley (iron magnetite sand), another in Central Luzon (nickel laterite), one in Bicol (gold), one in Eastern Visayas (nickel laterite), two in Zamboanga Peninsula (copper, gold and iron), five in Davao region (nickel, copper and gold) and three in CARAGA (nickel, copper and gold).
