Metallic mineral production in the Philippines rose 3.17 percent to P195.9 billion in the first three quarters of 2024 from P189.8 billion in the same period in 2023, the Mines and Geosciences Bureau (MGB) said Tuesday.
Data from the MGB showed that gold maintained its position as a top earner, contributing P92.7 billion in the nine-month period, up 19 percent from a year ago, despite a 4-percent decline in production volume.
Masbate, Davao de Oro and Nueva Vizcaya led gold production, with Masbate’s Filminera Resources Corp. generating the highest output at 4,495 kilograms, valued at P18.9 billion.
Copper production posted recovery, with a 44-percent rise in volume and a 53-percent increase in value, totaling P28.6 billion. Carmen Copper Corp. in Cebu accounted for the majority of copper concentrate production.
Silver production rose 9 percent in volume to 39,136 oz and 43 percent in value to P2.04 billion, during the period.
While nickel remains a significant contributor to the Philippine mining sector, nickel direct ore slipped 21 percent in value to P42.9 billion, while output also dropped 12 percent to 25.7 million dry metric tons (DMT) in the first nine months of 2024 from 29.2 million DMT during the same period in 2023.
Key producers like Taganito Mining Corp. and Rio Tuba Nickel Mining Corp. were among the top contributors, despite reporting lower outputs.
Mixed nickel-cobalt sulfide, a processed product used in high-tech applications such as batteries and electronics, saw similar declines as production volume dropped 8 percent, with 53,875 DMT produced and values decreased 23 percent to P27.9 billion.
Major contributions came from Coral Bay Nickel Corp. and Taganito HPAL Nickel Corp.
The decline in nickel and mixed sulfides was attributed to lower global market prices, reduced demand from major export markets and operational challenges such as weather-related disruptions and logistics issues.
Meanwhile, rare metals like chromite surged 53 percent in volume and 45 percent in value, totaling P1.39 billion. The Homonhon Chromite Project in Eastern Samar contributed to the growth.
The MGB noted that chromite’s growth signals stronger demand for stainless steel and refractory applications.
The Department of Environment and Natural Resources (DENR) expressed optimism about the sector’s potential, but emphasized the need for sustainable mining practices and investments in infrastructure to improve competitiveness.
