Value of PH metals output rose 25% in H1 to P68.53B | Inquirer Business
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HIGHER COMMODITY PRICES

Value of PH metals output rose 25% in H1 to P68.53B

By: - Reporter / @kocampoINQ
/ 05:14 AM September 03, 2021

The value of the country’s metallic mineral production increased by 25 percent to P68.53 billion in the first half from P55.13 billion in the same period a year ago, on the back of rising commodity prices.

The Mines and Geosciences Bureau reported early this week that in the first half of this year, prices of base metals like nickel and copper surged by 40 percent and 65 percent, respectively, while precious metals like gold and silver went up by 10 percent and 59 percent, respectively. The surge was primarily due to renewed demand for these commodities as economies recover from the COVID-19 pandemic.

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Nickel, the primary raw material in the manufacturing of steel and batteries for electric vehicles, accounted for more than half of the country’s metallic output. It was followed by gold and copper.

More than the rising prices of metals, MGB said the recent developments in the local mining sector “are anticipated to be game-changers in the overall performance of the industry in the coming years, not only in terms of mine ore production but also in its economic contribution.”

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These include the renewal of OceanaGold’s franchise that will allow it to continue its Didipio Copper-Gold project in Nueva Vizcaya and the issuance of Executive Order 130 that lifted the suspension on the issuance of new mining permits.

Nonetheless, MGB is tempering its forecasts. It noted that while “the disruption in mining operations has pushed metal prices to impressive heights,” mineral analysts are also projecting a demand cutback from China—the Philippines’ biggest ore export market.

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TAGS: metallic mineral, Mines and Geosciences Bureau, nickel and copper
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