THE Mines and Geosciences Bureau said the value of metals produced in the first half rose 4.27% from a year earlier, after miners obtained higher prices for their output.

In a report sent to journalists on Tuesday, the bureau said the value of metals output in the six months to June totaled P50.81 billion, up from P48.73 billion in the same period last year.

“The upside during the period, despite the listless mine output of the metals with the exemption of MNCS (mixed nickel-cobalt sulfide), was the more favorable metal prices year on year,” the report said.

“Nickel ore went up to $4.39 per pound from $3.92 per pound while precious metals gold and silver enjoyed an improvement of 1.69% and 9.91%, respectively,” the report added while noting that prices were primarily driven by stronger demand from China’s infrastructure and manufacturing sectors coupled with supply disruptions from the world’s key copper and nickel mines.

Gold accounted for 45.04% or P22.89 billion, up slightly from P22.69 billion a year earlier as prices of the yellow metal rose to $1,238.46 per troy ounce from $1,217.85 a year earlier.

The Masbate Gold Project of Filminera Mining Corp./Philippine Gold Processing and Refining Corp. and OceanaGold Philippines, Inc. in Cagayan Province were the country’s major gold producers, accounting for 56% of the total output, or 6,471 kilograms produced during the period.

Contribution of nickel ore directly shipped and mixed sulfides followed with 36.32% or P18.45 billion, followed by copper with 17.63%, or P8.96 billion  

The value of directly shipped nickel ore declined to P8.37 billion with output at 8.64 million dry metric tons (DMT).

The value of mixed nickel-cobalt sulfide surged to P10.08 billion on production of 46,444 DMT.

The remaining 1.01%, or P0.51 billion, was shared by silver and chromite. — Janina C. Lim

RELATED ARTICLESMORE FROM AUTHOR