Metal sector posts stronger H1 despite output dips
MANILA, Philippines — The country’s metal sector posted a stronger performance in the first half of 2026 despite production volume decreases for some metals, as the production value of key metals increased, data from the Mines and Geosciences Bureau (MGB) showed.
The MGB reported that metal production value climbed 41.4 percent to P202.18 billion in the first-half period from P142.99 billion in the same period a year ago.
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“The first-half results show strong sector resilience; a 41 percent jump in total production value to P202 billion proves that elevated global commodity prices (especially for gold and silver) comfortably offset lower physical volumes,” Chamber of Mines of the Philippines chair Michael Toledo said in a Viber message on Friday.
“Mine output routinely fluctuates due to operational factors like ore grading, mine sequencing, maintenance schedules, and weather,” Toledo added.
Gold cornered more than half of the overall mineral output, with a market share of 56.6 percent. Nickel direct shipping ore and mixed nickel-cobalt sulfide came next with 20.7 percent and 13.8 percent, respectively.
In value, gold output rose 42.4 percent to P114.5 billion. However, gold production volume fell 12.6 percent to 12,771 kilograms.
According to a report from Reuters, spot gold prices slipped by 0.5 percent to $4,576.30 per ounce on Friday, ahead of Federal Reserve Chair Kevin Warsh’s keynote speech at the Jackson Hole symposium.
MGB data reported that producers generated about P2.48 billion in silver during the period, up 77.4 percent. By volume, silver production reached 18,607 kg, down 22.8 percent.
Nickel direct shipping ore production surged by 47.5 percent to P42.18 billion, while its output volume reached 19.24 million dry metric tons (DMT), up 25.6 percent.
Mixed nickel-cobalt sulfide output increased by 55.2 percent to P27.96 billion, but production volume dipped by 2.1 percent to 37,711 DMT.
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Meanwhile, the sector produced P13.85 billion worth of copper concentrate, up 1.4 percent, although output volume dipped slightly to 120,586 DMT.
Toledo said the sector’s performance remains favorable throughout the year, supported by stable market prices and operating conditions.
“While we expect operational upticks in the second half, we cannot predict full volume recovery nationwide as this would be premature. However, the value outlook for the sector remains very favorable as long as market prices and operating environments remain stable,” he said. /pai
