Value of Metals output grew 20% in 2021

The Philippines produced P160.9 billion worth of metallic minerals last year, 20.34 percent higher than the P133.7 billion recorded the previous year, on the back of strong metal prices and higher production, the Mines and Geosciences Bureau (MGB) reported.

“Key factors that worked well for the industry in 2021 was the strong metal price coupled with the impressive showing in the mine production of nickel ore,” the MGB said in a report.

As in the past years, the nickel industry significantly contributed to the industry’s total earnings with a share of 55.61 percent or P89.48 billion.

Gold and copper followed with P52.48 billion and P17.29 billion, respectively while the shared value of silver, iron ore and chromite was around 1 percent or P1.65 billion.

“Since 2018, the collective values of nickel ore together with its by-products (mixed nickel-cobalt sulfide and scandium oxalate) continued their dominance over gold having a 4-year annual average contribution of more than 50 percent or P69.35 billion of the country’s total metallic mineral production value,” it added.

In terms of production, the volume of nickel direct shipping ore climbed by 23 percent to 32,877,858 dry metric tons. Its value surged by nearly 50 percent to P56.26 billion.

Gold production inched up to 18,392 kilograms while silver went up to 30,856 kg. Gold and silver were valued at P52.5 billion and P1.2 billion.

MGB also said prices of gold, silver, copper and nickel “remained bullish” throughout the previous year.

For the comparative period, the price of gold averaged $1,800.39 per troy ounce, 1.7 percent higher from $1,770.21. Silver prices rose by 24.4 percent to $25.45 per troy ounce.

Copper was priced at $9,318.16 per metric ton, 51 percent higher than $6,171.87 year-on-year. Nickel was 34 percent higher at $18,486.32 per MT from $13,779.66.

Overall, the agency sees the mining industry in an “upbeat mode” largely because of favorable policies.

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