Philippines Reports Increase in Metallic Mineral Output

Philippines Reports Increase in Metallic Mineral Output

Rise in Mineral Production Value

The Department of Environment and Natural Resources (DENR) in the Philippines has announced a significant increase in the value of metallic mineral production in the first three quarters of 2023. According to the Mines and Geosciences Bureau (MGB) of the DENR, the total value reached P189.08 billion (approximately $3.40 billion), marking a 7.28% increase from P176.24 billion (about $3.17 billion) recorded in the same period in 2022.

Dominant Contributions from Nickel and Gold

Nickel ore and its byproducts were the major contributors, accounting for P89.99 billion (approximately $1.62 billion), or 47.6% of the total value. Nickel production volumes surged by 24.08% to 28.89 million dry metric tons (DMT). Despite a slight decrease in the average price of nickel per pound compared to the previous year, experts predict a rise towards the year’s end due to reduced supply and sustained demand.

Gold production also showed a strong performance with a value of P77.65 billion (approximately $1.40 billion), representing 41.07% of the total metal production. The average price of gold increased to $1,932.07 per troy ounce in 2023, up from $1,826.47 in 2022.

Copper Production and Other Metals

Copper production also contributed significantly, with a value of P18.79 billion (approximately $338.22 million). The region of Caraga remained the largest contributor to the total production value, followed by Mimaropa (Region 4B) and Cagayan Valley.

Government Revenue and Excise Taxes

The mining activities generated substantial revenue for the national government, with P5.09 billion (approximately $91.62 million) collected in excise taxes and around P1.97 million (approximately $35,446) in royalties. The MGB highlighted that with 21 mining projects in mineral reservation areas and the emergence of Indonesia as a new export market, the outlook for the Philippine mining industry remains positive. icon

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