Metals production hits P109 billion in 2017

MANILA, Philippines — The country’s metals production inched up by six percent to P109 billion in 2017 following improved trend in world metal prices and robust metal demand, according to the Mines and Geosciences Bureau (MGB).

The value of metal production last year was higher than the P103 billion recorded in 2016, based on latest data obtained by The STAR.

“The leading metals copper, nickel and gold all enjoyed upturns. Prices were primarily driven by stronger demand from China’s infrastructure and manufacturing sectors coupled with supply disruptions in the world’s key copper and nickel mines,” the MGB said.

Gold production accounted for 42 percent of the total production value with earnings of P45.6 billion, almost the same value in 2016.

Gold metal price accelerated to $1,257.65 per troy ounce last year from $1,247.44 a year ago.

Direct shipping nickel ore and mixed nickel-cobalt sulfides took the second spot with P43 billion, up 39 percent year-on-year.

The price of nickel went up to $4.68 per pound from $4.35, while copper price was also up from $2.20 per pound to $2.72.

Revenue from copper production, which accounted for 18 percent of total metal production value went up nine percent to P19 billion.

The production value of silver, however, decreased eight percent to P867 million following lower production.

The remaining one percent of total metallic production, or P1.04 billion, came from the combined value of silver, iron ore and chromite.