Precious metals production spiked in Q1

MANILA  -Elevated prices and higher output of certain metals pushed up metal production in the Philippines in the first quarter of this year, a report from the Mines and Geosciences Bureau (MGB) showed.

The value of metal production reached P58.92 billion in the three months ending March, an increment of 22.83 percent from P47.97 billion in the same period a year ago.

“The upbeat performance was inspired by the growth in the volume and value of gold, nickel direct shipping ore and chromite,” the MGB said.

Gold clinched the top spot with P27.74 billion, equivalent to a share of 47.08 percent.

The collective output of nickel ore and other nickel by-products finished second with P23.85 billion or a 40.48 percent share.

Copper settled at third with P6.52 billion (11.06 percent) while that of silver, chromite and iron ore made up for the remaining 1.38 percent or P810.2 million of the total value.

The price of the yellow precious metal inched up by less than a percent to $1,889.05 per troy ounce from $1,874.91 per troy ounce during the reference period. Average prices of nickel, copper, and silver declined.

Nickel prices averaged $11.78 per pound from $12.74 per pound.

“But the said prices are still way higher than their prepandemic levels from 2019 to 2021 [when] prices were only at a one-digit mark playing around $5-9 per pound,” the agency noted.

The price of copper dropped to $4.05 per pound from $4.53 per pound.

Silver prices decreased to $22.94 per troy ounce from $23.95 per troy ounce year-on-year.

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