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Mineral production up 9% to P122.15B in 2011

- Marianne V. Go () - March 2, 2012 - 12:00am

MANILA, Philippines - Philippine metallic mineral production value posted a nine percent growth last year to P122.15 billion, increasing P10.18 billion from the P111.97 billion metallic mineral production in 2010.

The increase in value was attributed to higher nickel, silver, copper, chromite, zinc and iron ore output since gold output declined in 2011 due to a noticeable decline in gold sales by small-scale miners to the Bangko Sentral ng Pilipinas.

According to Environment and Natural Resources Secretary Ramon J. P. Paje, the increase in metallic mineral production value in 2011 was due to favorable metal prices in the world market.

The average world metal prices of gold, silver, copper and nickel went up in 2011 compared to 2010, with silver posting the highest increase at 74.97 percent from $20.13 per ounce to $35.22/oz.

Gold prices also went up 28.5 percent from $1,222.02/oz to $1,570.25/oz.

Copper prices also posted a gain of 58 percent from $3.40 per pound to $4/lb.

Nickel prices went up by 5.8 percent from $9/82/lb to $10.39/lb. higher nickel prices and output resulted in a 74 percent increase in the value of direct shipping ore nickel in 2011 to P24.463 billion at a volume of 20,104,142 dry metric tons compared to the 2010 DSO nickel production value of just $14.080 billion and a production volume of just 13,763,734 DMT.

Nickel concentrate production in 2011 increased 16 percent to 38,798 DMT with a higher value of P11.197 billion compared to 2010’s production of 33,539 DMT with a value of P9.795 billion.

Silver production output increased 11 percent to 45,530 kilograms with a value of P2.755 billion compared to 2010’s production volume of 41,004 kg. with a value of just P1.19 billion.

Gold production in 2011 dipped 24 percent to 31,120 kg. with a value of P63.142 billion compared to 2010’s production output of 40,847 kg. with a higher value of P70.508 billion.

Gold purchases of the BSP from small-scale miners fell from 25,232 kgs in 2010 to just 17,389 kgs in 2011, or a drop of 7,843 kgs.

Paje said small-scale miners could have turned to unauthorized buyers due to the collection by the Bureau of Internal Revenue of the two percent excise tax and a 10 percent creditable withholding tax.

In terms of percentage contribution to the overall production value, gold, nickel and copper were the key contributors with gold accounting for 52 percent and nickel contributing 29 percent, and copper accounting for 16 percent.

BANGKO SENTRAL BILLION BUREAU OF INTERNAL REVENUE ENVIRONMENT AND NATURAL RESOURCES SECRETARY RAMON J GOLD NICKEL PAJE PILIPINAS PRODUCTION VALUE
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