The country’s mined metallic output value rose 3.17 percent in the first three quarters of 2024 to P195.92 billion versus only P189.9 billion last year, according to the Mines and Geosciences Bureau (MGB).
The growth was driven by higher values for key metals such as gold, copper, chromite, and silver, despite a decline in production volumes across several categories.
Gold, contributing the largest share with P92.67 billion or 47.3 percent of total production, remained the backbone of the country’s mining sector. Nickel ore and its byproducts followed with P71.05 billion (36.3 percent), while copper accounted for P28.6 billion (14.6 percemt). The combined value of silver, chromite, and iron ore totaled P3.6 billion, or 1.84 percent.
Notably, the production volume for silver, copper concentrate, and chromite saw significant improvements. Silver production rose 9 percent to 39,136 kg, copper surged 44 percent to 280,718 dry metric tons (dmt), and chromite jumped 53 percent to 103,917 dmt. However, the production of gold, nickel, and iron ore declined. Gold dropped by 4 percent to 22,034 kg, while nickel ore and its byproducts experienced declines between 8 percent to 30 percent.
Despite the mixed production results, the Chamber of Mines of the Philippines (COMP) expressed optimism about the future of the local mining sector. Chairman Michael Toledo highlighted the positive outlook for nickel, driven by growing demand for electric vehicles and renewable energy technologies. “Nickel’s role in the transition to clean energy remains critical, and we are confident that demand will remain strong into 2025 and beyond,” Toledo said.
Additionally, Toledo said gold prices are expected to rise significantly, with projections reaching USD3,000 per ounce by mid-2025, and possibly even surpassing USD5,000, driven by global geopolitical tensions.
But while the mining sector remains upbeat, Toledo acknowledged uncertainties with the return of president-elect Donald Trump to the White House, particularly its implications on mineral prices tied to clean energy. “While the global push for net-zero emissions may slow, it is unlikely to be halted,” he remarked.
The latest figures underscore the importance of key metals to the Philippine economy, with ongoing demand for copper, nickel, and gold expected to remain pivotal in the coming years.
