Metal production hits record in 2024 as gold, silver shine

MANILA, Philippines — The country’s metallic mineral production last year inched up to a record high of over P250 billion, buoyed by double-digit rate expansions in the value of gold and silver.

Mines and Geosciences Bureau (MGB) data showed that metallic mineral production in 2024 rose by 1.28 percent year-on-year to P252.9 billion from P249.713 billion in 2023.

Despite a drop in volume, gold remained as the top contributor to the country’s overall metallic production.

Gold production slid by seven percent to 28,870 kilos from 31,046 kilos, based on MGB data. However, higher global prices lifted the total value of gold output, increasing by 19 percent year-on-year to P126.36 billion from P106.53 billion.

Gold prices last year averaged $2,388 per troy ounce, about 23 percent higher than its average price of $1,943 per troy ounce in 2023, according to the World Bank.

Meanwhile, silver posted increments in both volume and value of production. Volume wise, silver rose by 17 percent on an annual basis to 54,073 kilos from 46,160 kilos.

Value of silver production last year expanded by more than half to P2.91 billion from P1.86 billion, according to the MGB.

World Bank data also showed that average silver price was also elevated last year at $23.4 per troy ounce compared to the average $23.4 per troy ounce price in 2023.

The country’s nickel ore output last year fell by six percent to 33.43 million dry metric tons from 35.46 million dry MT, according to the MGB. Value wise, nickel output fell by 15 percent year-on-year to P56.67 billion from P66.41 billion.

The local nickel industry has been hampered by prevailing low prices of the metal in the world market due to slower demand from China, worsened by higher supplies driven by increased Indonesian production, industry players earlier noted.

Global nickel prices last year fell by almost 22 percent year-on-year to an average of $16,814 per MT from $21,521 per MT in 2023, according to the World Bank.