According to the Bureau of Mines and Geosciences (MGB), the value of Philippine metal mine production jumped 36.21% to P48.61 billion in the first quarter of 2022 from P35.69 billion in the same period of 2021.

Rising metal prices and higher production of gold, silver and copper were the main drivers of growth during the period, MGB said.

The MGB report showed that gold accounted for the largest share of total output value at 22.24 billion pesos, accounting for 45.74%; followed by direct transportation of nickel ore and its nickel products, mixed nickel-cobalt sulfide and scandium oxalate with a total output value of 19.27 billion Peso, accounting for 39.64%. Copper followed with 6.31 billion pesos, or 12.98 percent; while silver, chromite and iron ore combined contributed 800 million pesos or 1.64 percent.

In terms of production, all metals production rose, with gold up 15% to 7,137 kg from 6,214 kg; silver up 126% to 12,673 kg from 5,603 kg; copper up 47% to 64,841 dry tons from 44,050 dry tons; chromite 282% to 18,036 dry tons from 4,720 dry tons; iron ore up 177% to 44,133 dry tons from 15,898 dry tons.

Direct shipping of nickel ore was the only production cut during the period, down 9% to 3.7 million dry tons from 4.08 million dry tons in 2021. The average price of nickel over the same period surged 59% to $28,089.77 a tonne from $17,625.46 a tonne; copper rose 18% to $9,986.01 a tonne from $8,478.58 a tonne; and gold rose more than 4% to a troy ounce from $1,801.86 a troy ounce An ounce of $1874.91.

MGB said it currently plans to sustain the development of the mining industry by developing an 18-year roadmap aimed at: increasing investor confidence in the mining industry from 2022 to 2024; expanding domestic ore production from 2023 to 2030 and mineral assets, to move the domestic industry towards the global mineral market in the field of semi-finished and fully processed mineral products from 2026 to 2040.