Improved metals prices, particularly in gold and nickel, allowed the country’s metallic minerals industry to grow 4.8 percent in 2023 to P249.05 billion from only P237.66 billion in 2022, the Mines and Geosciences Bureau (MGB) reported on Wednesday.
Gold production was up 7 percent to 31,046 kilograms worth an estimated P106.64 billion last year from only P91.05 billion in 2022.
Nickel ore output improved 19 percent to 35.14 million dry metric tons and worth an aggregate P65.85 billion or seven percent more valuable in 2023 than the year before.
Silver prices were down last year which diminished the estimated value of the metal by 13 percent to P2.13 billion. Silver production retreated by 13 percent to 46,160 kilos from 56,227 kilos a year earlier.
Copper production last year actually increased 3 percent to 266,532 kilos but softer prices slightly diminished its estimated value of by a percent to only P25.67 billion.
Chromite, useful in the production of steel, copper, glass and cement, saw a 64 percent improvement in prices last year that allowed the industry to report a 62 percent increase in estimated value to P1.51 billion on 101,960 dry metric tons of the metal, up 17 percent from the year before.
Iron ore production was similarly up 3 percent to 78,213 dry metric tons but enjoyed more buoyant prices than before to an estimated P257.78 million.
“As a short-term outlook, the performance of the minerals sector will always be dictated by prices and price behaviors will naturally depend on the world supply and demand patterns this year and into the next. Supply is influenced by production cutbacks and shortfalls due to disruptions brought about by geopolitical conflicts, weather conditions and fuel prices among others,” the MGB said.
