Metal output grows to P160.9 billion in 2021

MANILA, Philippines — The country’s metallic output registered double-digit growth in 2021, mainly driven by higher production of nickel and strong metal prices, the Mines and Geosciences Bureau (MGB) said.

Metallic mineral production value reached P160.9 billion last year, up 20.34 percent from P133.7 billion the previous year.

“Key factors that worked well for the industry in 2021, was the strong metal price coupled with the impressive showing in the mine production of nickel ore. Prices of leading metals gold, silver, copper, and nickel remained bullish, throughout 2021,”the MGB said.

The average price of copper surged by almost 51 percent last year to $9,318.16 per metric ton (MT).

Nickel also registered a 34 percent hike in average prices at $18,486.32 per MT. The average price of gold registered at $1,800.39 per troy ounce, higher than the $1,770.21 per troy ounce in the year before.

Similarly, the average price of silver increased to $25.45 per troy ounce. Nickel ore and other nickel by-products accounted for more than half or 55.6 percent of the total metal output during the period, raking in P89.48 billion or 30.76 percent higher than the same period last year.

Of the total, nickel direct shipping ore had an estimated 62.9 percent contribution at P56.26 billion, higher than the previous year’s production value of P38.3 billion.

The production volume of nickel direct shipping ore also grew to 32.88 million dry metric tons (DMT), higher than the 26.78 million DMT produced in 2020.

Gold accounted for 32.62 percent of the total output value at P52.48 billion, higher than the P49.1 billion in the previous year.

Production volume of gold inched up to 18,392 kilos from 17,564 kilos in 2020.

Copper had a 10.75 percent share at P17.29 billion, seven percent higher than the P14.9 billion recorded in the same period last year.

However, copper production dropped to 214,684 DMT from 242,075 DMT a year ago.

In addition, the collective values of silver, iron ore, and chromite accounted for 1.03 percent of the total metal production at P1.65 billion.

Silver production volume rose to 30,856 kilos from 24,024 kilos.

“As we look back to the year that was, we see the mining industry in an upbeat mode largely because of the new policy initiatives of the government. These policies are expected to promote investment, intensify minerals industry development, build up national growth, establish more systematic conduct of mining operations and last but not the least implement more stringent safety-nets related to the environment and protection of the rights of affected communities,” the MGB said.