MANILA, Philippines — The value of Philippine metallic production grew by 4.79 percent to P249.05 billion in 2023 driven mainly by gold and nickel ore, according to the Mines and Geosciences Bureau (MGB).
In a report, the MGB said nickel ore and its byproducts remained the top contributor to overall metal production value at P113.37 billion, down from P117.58 billion in 2022.
This was due to lower plant output both in volume and value of nickel-cobalt mixed sulfide and scandium oxalate, according to the MGB.
Nickel prices declined to $9.93 per pound from $11.86 per pound, the MGB said.
Nickel, a material that is tougher and harder than iron, is in demand these days for lithium-ion batteries in electric vehicles. It may also be used as an input in plumbing fixtures.
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The value of gold, meanwhile, climbed by 17 percent to P106.64 billion last year from P91.05 billion in 2022.
The average price of gold stood at $1,942.80 per troy ounce, up by $140.51 per troy ounce from $1,802.28.
Caraga region
Copper was the third top contributor with P25.41 billion, down from P25.67 billion in 2022.
Regionally, Caraga, which has the most number of operating mines at 25, remained the top contributor to total production value at P74.79 billion, equivalent to 30.04 percent of the pie.
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Mimaropa (Mindoro, Marinduque, Romblon and Palawan) came second with 13.18 percent, or P32.81 billion. There are three operational mine sites in the region.
The Bangko Sentral ng Pilipinas (BSP) purchased 26 percent more gold during the period at 8,714 kilograms valued at P30.31 billion.
This included 25 percent of the gold ore production of OceanaGold (Phils) Inc. The company was required by the government to sell a fourth of its gold ore to the BSP as part of the conditions stipulated in its Financial or Technical Assistance Agreement that was renewed in 2021 for another 25 years.