Philippine metal output surged 32% to P238.05B in ’22
The value of the country’s metal production surged by 31.73 percent to P238.05 billion in 2022 from P180.71 billion the year prior, as domestic production expanded even as global metal prices softened, according to the Mines and Geosciences Bureau (MGB).
In a report, the MGB said the industry managed to grow despite the “twin impact” of the COVID-19 pandemic and Russia’s invasion of Ukraine in February last year.
“These unprecedented events have disrupted the supply and demand chain of major commodities,” it added.
Nickel prices have remained high at $11.86 per pound, 42.03 percent higher than the previous year’s $8.35 per pound.
Copper and silver prices, however, inched down in 2022. Copper was priced at $4 per pound, down by 4.98 percent from $4.21 per pound while that of silver dropped by 14.49 percent to $21.76 per troy ounce from $25.45 per troy ounce.
Gold was relatively flat at $1,802.28 per troy ounce from $1,800.39 per troy ounce year-on-year.
In terms of production, the volume of nickel direct shipping ore decreased by 11 percent to 29.26 million dry metric tons (DMT) from 32.93 million DMT “due to the production shortfall incurred by most nickel projects.”
Gold output, on the other hand, climbed by 15 percent to 29,007 kilograms from 25,332 kg. Silver soared by 82 percent to 56,227 kg from 30,856 kg.
Copper generated during the period stood at 258,729 DMT, 21 percent higher than 214,684 DMT.
Nickel continues to dominate the country’s metallic production scene with output worth P117.58 billion, accounting for 49.39 percent of total output. INQ
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