The value of mineral assets in the Philippines rose 4.6 percent to P481.45 billion in 2024 from P460.16 billion in 2023, the Philippine Statistics Authority (PSA) said Tuesday.
The increase was driven by a 22.7-percent surge in the value of Class A gold reserves, which reached P213.74 billion, despite a 6.6-percent decline in physical stock to 357,110 kilograms (kg).
Class A nickel reserves, however, saw an 11.3-percent decline in value to P205.97 billion, even as physical stocks increased.
The PSA data, which cover gold, copper, nickel and chromite, also showed that Class A copper and chromite reserves were valued at P60.38 billion and P1.35 billion, respectively.
Physical stocks of Class A copper reserves rose 21.8 percent to 4.02 million metric tons (MT). Physical stocks of Class A nickel and chromite reserves increased to 612.98 million dry metric tons (DMT) and 66.34 million MT, respectively.
The agency’s data also indicated a downtrend in the extraction of most minerals in 2024
Gold extraction fell 8.0 percent to 20,110 kg., while copper production dropped 14.2 percent to 53,180 MT.
Nickel extraction slowed 0.7 percent to 32.13 million DMT. Chromite extraction more than doubled to 63,020 MT from 23,820 MT in 2023.
Class A reserves are commercially recoverable mineral resources confirmed to be economically viable, the PSA said.
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