MANILA, Philippines – According to the Mines and Geosciences Bureau (MGB), the Philippines’s metal production gradually moved up to 109 billion pesos last year by 6 percent after a strong demand for and a better trend in prices of metals in the world.
Metal production’s value was higher last year compared to the recorded 103 billion pesos for 2016. This is according to the most recent data gathered by a newspaper company.
The MGB said that the three prominent metals, gold, copper, and nickel, have benefited from the increase. Prices were commonly controlled by robust demand from manufacturing and infrastructure sectors of China combined with supply interruptions in the key nickel and copper mines of the world.
Gold production calculated to 42 percent of the entire production revenue with a profit of 45.6 billion pesos, nearly equal to the value recorded for 2016.
Price for the gold metal escalated from 1,247.44 dollars in 2016 to last year’s 1,257.65 dollars for each troy ounce.
Output of nickeline, or previously known as nickel ore, and mixed cobalt sulfides and nickel for direct shipping came in second with 43 billion pesos, which increased by 39 percent from the previous years.
The cost of nickel increased from 4.35 dollars to 4.68 dollars for each pound. At the same time, the price of copper also rose to 2.72 dollars per pound from 2.20 dollars.
Sales accumulated from the production of copper, which took 18 percent of the entire value of metal production, grew to 19 billion pesos by 9 percent.
On the contrary, silver’s production value dropped to 867 million pesos by 8 percent resulting from the lower production.
The last 1 percent of the entire metal production, which equals to 1.04 billion pesos, was from the joined total value of iron ore, silver, and chromite.
The production of gold dropped by 2 percent resulting in 22,699 kilograms from 2016’s 23,053 kilograms, whereas the production of silver reduced by 10 percent resulting in 31,748 kilograms from 35,186 kilograms. The production of copper also dropped by 16 percent resulting in 280,394 from 335,665 dry metric tonnes.
In 2016, gold surpassed nickel by garnering 7.21 billion pesos.
In the Philippines, which has massive but primarily undeveloped mineral riches, mining is a controversial issue, due to mismanagement of the environment by a number of miners.
Despite the order of suspension and closure of a number of mining operations in February 2017, the Philippines currently continues to be listed as one of the large exporters of nickel in the world, with a mass of the country’s production being exported to China.