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Philippine metal production in 9 months of 2017 up by 6pct

Metal News - Published on Fri, 01 Dec 2017

Image Source: Phil Star
Phil Star reported that metal production rose six percent to P81 billion in first nine months of the year due to the continued improvement of prices in the world market. Philippines Mines and Geosciences Bureau said that the aggregate value of metal production for January to September this year was higher than the P77 billion recorded in the same period last year.

It said that “The encouraging price gain of base metals was primarily due to the increased metal demand of China. World metal analysts reported that the strong demand of China for said metals were for its infrastructure, automotive, and construction sectors.”

Gold production accounted for 42 percent of the total production value with aggregate earnings of P33.8 billion, almost the same value as last year. Gold metal price was slightly lower during the period, hitting USD 1,251.72 per troy ounce fromUSD $1,256.71 a year ago.

Direct shipping nickel ore and mixed nickel-cobalt sulfides took the second spot with P33 billion, up 36 percent year on year.

MGB said that “The performance of nickel continued to be hampered by the standing suspension in the operations of a number of nickel mines, coupled with the non-operation of nickel mines in Dinagat Islands due to care and maintenance status and unfavourable weather conditions.”

Nickel price increased to USD 4.49 per pound from USD 4.17 per pound, while copper price was also up from USD 2.14 per pound to USD 2.60 per pound.

Revenues from copper production, which comprise 17 percent of total metal production value, went up five percent to P14 billion.

The production value of silver decreased eight percent to P660 million and was not offset by the increase in prices from USD 17.05 per troy ounce to USD 17.17 per troy ounce this year.

The remaining one percent of total metallic production, or P770 million, came from the combined value of silver, iron ore and chromite.

Source :

Posted By : Rabi Wangkhem on Fri, 01 Dec 2017
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