The monetary value of the country’s Class A gold, copper, nickel and chromite reserves increased 2 percent to P474.00 billion in 2023 from P464.51 billion in 2022, the Philippine Statistics Authority (PSA) said Friday.
Class A reserves are commercially recoverable mineral resources confirmed to be economically viable by a defined development project or operation.
The PSA said Class A gold reserves were valued at P181.61 billion in 2023, an 11-percent increase from P163.67 billion in 2022 while the value of Class A copper reserves decreased 10.3 percent to P52.85 billion from P58.92 billion.
Class A nickel reserves declined 1.1 percent to P238.90 billion in 2023 from P241.43 billion in 2022 while Class A chromite reserves increased 33 percent to P645.90 million in 2023 from P485.79 million in 2022.
The PSA said the four minerals contributed 0.24 percent to the gross domestic product last year.
It said that in terms of volume, the Philippines’ stocks of Class A gold reserves declined 1.5 percent to 401,700 kilograms (kg.) in 2023 from 408,000 kg. in 2022.
However, gold production increased 0.4 percent to 21,480 kg. from 21,400 kg.
Class A copper reserves decreased 2.1 percent to 2.90 million metric tons (MT) in 2023 from 2.96 million MT in 2022. Copper extraction increased 4.2 percent to 61,980 MT from 59,510 MT in 2022.
Class A nickel reserves declined 6 percent to 484.73 million dry metric tons (DMT) in 2023 from 515.93 million DMT in 2022. This was attributed to a 6.7-percent increase in production, reaching 31.20 million DMT in 2023 from 29.23 million DMT in 2022.
Class A chromite reserves shrank 1.3 percent to 65.54 million MT in 2023 from 66.42 million MT in 2022, but production surged 416 percent to 23,820 MT from 16,820 MT.
