The Former Nickel Production Rose 29% in The Third Quarter

According to the Philippine Bureau of Minerals and Earth Sciences (MGB), the value of metal minerals in the First three quarters of 2021 increased by 22.34% to 121.16 billion pesos from 99.03 billion pesos in 2020.

But with the exception of gold and nickel, most of the Philippines' production of metal minerals fell in the first nine months. Its by-products continue to outperform other countries in terms of their percentage contribution to gross national output, accounting for more than 58 per cent of gross national output or P70.83 billion.

1. Production

In the first three quarters of 2021, the volume and value of Philippine nickel direct shipments increased by 29% and 67%, respectively, from P27.66 billion worth of 253,204 tonnes to P46.05 billion worth of 325,848 tonnes, with nickel by-products including MNCS and ScOx.

Meanwhile, yellow metal performed in line with production and value, with a positive change from 12,973 kg (estimated at P36.40 billion) to 13,356 kg (estimated at P37.75 billion).

Meanwhile, silver production fell 5% year on year to 16,875 kg from 17,853 kg. However, its output value increased from 540 million pesos to 680 million pesos, an increase of 24%.

In chromite production, production and value decreased by 59% and 63%, respectively, from 26,265 dry tons (estimated at 234.34 million pesos) to 10,816 dry tons (estimated at 86.64 million pesos year on year).

2. Price

In the first three quarters of 2021, the average price of Philippine precious metals gold and silver was $1,801.97 and $25.77 per Troy ounce, respectively.

Meanwhile, the nine-month average for copper and nickel was as high as $9,187.81 a tonne and $18,035.15 a tonne respectively.

Copper, on the other hand, rose 57 per cent from $5,837.89 a tonne, while nickel rose 38 per cent from $13,059.28 a tonne.

The Philippines is one of the most mineralized countries in the world. However, as of October 31, 2021, the total area of mining rights in the Philippines was only 745,685.48 hectares, or 2.48 percent of the country's total land area of 30 million hectares.