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Metal sector shines with record output
The Philippine Star
|March 14, 2024
Higher gold and nickel output buoyed the country’s metal production to a record level of P249 billion in 2023, offsetting contractions in other commodity output.
The Mines and Geosciences Bureau (MGB) said metallic mineral production rose by almost five percent to P249.05 billion in 2023 from P237.66 billion in 2022.
“This performance was attributed primarily to the positive showing of gold and nickel ore,” the MGB said.
Data showed that gold was the top contributor to the overall production at P106.64 billion, followed by nickel direct shipping ore at P65.84 billion.
The value of gold production went up by 17 percent from the P91.05 billion in 2022. The country produced 31,046 kilograms of gold, up seven percent from 29,036 kilograms in 2022.
The MGB attributed the hike in gold performance to higher global prices and the resumption of operation of one gold mine last year.
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