PH metal output value up 8% in H1

MANILA  -Philippine metal production value grew by 8.06 percent to P123.07 billion in the first half of this year, driven by nickel and gold mining, the Mines and Geosciences Bureau (MGB) said.

The MGB said in a report that nickel and nickel products were the leading contributors to the total metallic mineral production value, equivalent to P57.32 billion or a share of 46.57 percent.

Broken down, nickel ore direct shipping totaled P31.7 billion while nickel-cobalt mixed sulfide and scandium oxalate amounted to P25.48 billion and P136.24 million, respectively.

Nickel ore output climbed 40 percent to 16.87 million dry metric ton units (dmtu). However, its average price declined by 15.2 percent to $10.98 per pound.

Taganito Mining Corp. was the top nickel producer with 2.43 million dmtu, followed by Rio Tuba Nickel Mining Corp. with 2.12 million dmtu.

Gold came second with a share of 41.62 percent while value stood at P51.22 billion, an increase of 11 percent. Gold production inched up by 3 percent to 15,102 kilograms, mostly from Philippines Gold Processing and Refining Corp. (3,010 kg), OceanaGold Philippines Inc. (1,828 kg) and FCF Minerals Corp. (1,443 kg). Average gold price went up by 3.2 percent to $1,933.95 per troy ounce.

During the period, the Bangko Sentral ng Pilipinas saw an 11-percent increment in its gold purchases, which reached 4,103 kg valued at P13.99 billion.

Copper settled in the third spot with a share of 10.35 percent. Its aggregate value inched up by 6 percent to P12.74 billion.

Production of copper concentrate rose by 6 percent to 133,072 dmtu but prices decreased by 10.8 percent to $3.95 per pound.