THE Mines and Geosciences Bureau (MGB) said the Caraga mining industry, which extracts much of the country’s nickel, posted growth of 8.93% by value in 2021 due to higher metal prices.
Gross sales of Caraga shipments of mining products increased to P78.86 billion in 2021 from P72.39 billion a year earlier, the MGB said in a statement.
“The increase of the mineral sales for 2021 was mainly due to the increase of metal prices in the world market. The nickel producing mines in the region have been consistent in gaining considerable earnings even in the previous years,” the MGB said.
“The Caraga mining industry has significantly contributed to the country’s economic development as well as the foreign-exchange earnings through mineral exports,” it added.
The value of the region’s gross sales rose 21.19% to P52.75 billion in 2021.
The mining season for the majority of nickel and iron mines in the region ends in the fourth quarter every year.
Caraga in northeastern Mindanao, also supplies gold, copper, chrome, nickel, iron and limestone. — Luisa Maria Jacinta C. Jocson
