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Business

Metal output jumps 40% in H1

Catherine Talavera - The Philippine Star

MANILA, Philippines — The country’s metallic output continued its double-digit growth in the first half of the year, rising nearly 40 percent on strong prices of most metals, the Mines and Geosciences Bureau (MGB) said.

Metallic mineral production value reached P112.66 billion in the first six months of the year, up 39.42 percent from P80.81 billion last year.

“The driving force for this positive move was still the strong metal price of gold, copper and nickel, year-on-year, except for silver which went down from $26.49 per troy ounce to $23.30 per troy ounce,”the MGB said.

The average price of copper went up by 7.27 percent to $9,756.17 per metric ton (MT).

Similarly, the  price of gold grew to $1,874.47 per troy ounce from $1,808.59 per troy ounce in the same period last year.

The price of nickel ore also increased to $28,564 MT from $17,490 MT.

Nickel ore and other nickel by-products accounted for nearly half or 45.55 percent of the total metal output during the period, raking in P51.32 billion.

Of the total, mixed nickel-cobalt-sulfide generated the largest value at P26.69 billion, a 77 percent increase from the P15.07 billion  recorded in the first half of last year.

In contrast, nickel direct shipping ore generated  P24.4 billion in the first half.

In terms of volume, mixed nickel-cobalt-sulfide registered a one percent increase in production to 39,791 dry metric tons (DMT).

Nickel direct shipping ore, on the other hand, registered a 20 percent decline in production volume to 10.8 million DMT.

The MGB is optimistic about its  outlook for the country’s minerals sector, citing Finance Secretary Benjamin Diokno’s recognition of the potential role of the mining industry in the country’s economic growth.“As a mantra of the Mines and Geosciences Bureau, the Office commits that a proposed mining project will only be allowed if it is technically feasible, environmentally compliant, socially acceptable, and financially viable. If any of these imperatives are absent, then it is not time to mine,’the agency said.                 

METAL

MGB

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