The value of the country’s metallic mineral production rose on the back of increases in the prices of gold and nickel ore, according to a report published by the Mines and Geosciences Bureau (MGB).
The attached agency of the Department of Environment and Natural Resources (DENR) noted that metallic mineral production value last year reached P249.05 billion, 4.8 percent higher than the P237.66 billion recorded in 2022.
In its report, the MGB though Romualdo D. Aguilos, chief of the Mineral Economics, Information, and Publication Division of the MGB attributed the mining sector’s results last year to the positive performance of gold and nickel ore.
“In terms of production value gold enjoyed a 17 percent or P15.59-billion increase from P91.05 billion in CY 2022 to P106.64 billion in CY 2023.”
MGB said nickel ore exhibited a 7 percent or P4.18-billion increase. Value of output rose to P65.84 billion from P61.66 billion.
The agency attributed the performance of gold to the increase in the price of the yellow metals in the world market.
The prices of gold and silver went up by 7.8 percent and 7.85 percent, respectively. The recorded average price of gold was $1,802.28 per troy ounce to $1,942.80 per troy.
Gold was up by $140.51 while silver was up by $1.71.
Meanwhile, the MGB said nickel and copper prices were “lackluster” in 2023. The price of nickel fell to $9.93 per pound from $11.86 per pound.
The price of copper also slid to $3.85 per troy pound in 2023, from the previous year’s $4.00 per pound.
In terms of contribution to the total production value, nickel ore and its by-products, nickel-cobalt mixed sulfide (NCMS), and scandium oxalate altogether took the lead with P113.37 billion or 45.52 percent.
“Gold grabbed the second spot with P106.64 billion or 42.82 percent. Copper was in third position with P25.41 billion or 10.20 percent. While the collective values of silver, chromite, and iron ore accounted for P3.63 billion or 1.46 percent,” the MGB report read.
The MGB said the new entrants last year were Gran Consolidated Mining Inc. located in Davao de Oro for gold, ARC Nickel Resources and Hallmark Mining Corp. both in Davao Oriental for Nickel, and Kafugan Mining Inc.
On regional contribution to total production, MGB said Caraga was led the pack with 30.04 percent or P74.79 billion, followed by Mimaropa with 13.18 percent or P32.81 billion, and Cagayan Valley with 12.24 percent or P30.46 billion.
Caraga is still the country’s mining capital. It has two gold mines, one chromite mine, 21 nickel mines, one hydrometallurgical processing plant, and one gold processing plant.
Two nickel mines in Caraga—Agata Mining Ventures Inc. located in the Province of Susan del Norte and Adnama Mining Resources Inc. in Surigao del Norte—are transitioning to the implementation of the Final Mine Rehabilitation or Decommissioning Plan.
In terms of excise taxes and royalties paid within mineral reservation to the national government in 2023, the estimated excise tax collected is about P6.79 billion.
The government collected P2.58 billion from nickel mines, P2.4 billion from gold mines, P1.76 billion from copper mines, and P510 million from chromite and iron mines.