Metal output up 8% by value as nickel volumes ramp up
METALS production rose 8.06% by value in the first half due to a drastic increase in nickel output, which offset a decline in the average price for the ore, the Mines and Geosciences Bureau (MGB) said.
In a report on Monday, it said production was valued at P123.07 billion, up from P113.89 billion a year earlier, with nickel ore and nickel byproducts accounting for 46.57% of the total, generating P57.32 billion.
The average nickel price fell during the six months to $10.98 per pound from $12.95 per pound a year earlier.
“Despite the sluggish nickel price in (the first half of) 2023, nickel ore, together with its nickel products, continued to dominate production,” the MGB said.
Gold accounted for 41.62% by value, generating P51.22 billion. The price of gold rose by $59.48 year on year to $1,933.95 per troy ounce.
Silver, chromite, and iron ore accounted for P1.79 billion, or 1.46% of the total.
By volume, nickel production increased 40% year on year to 16.87 million dry metric tons (DMT).
Gold output rose by 3% to 15,102 kilograms in the first half.
Chromite production increased by 20% to 47,449 DMT.
Copper output rose 6% to 133,072 DMT while iron ore production rose 17% to 56,131 DMT;
Silver production declined 12% to 23,316 kilos during the half.
“Nickel ore production is expected to expand further as the MGB expects four nickel mining projects to commence mining operations between 2023 to 2025,” it added. — Adrian H. Halili
