DENR bares 48% increase in metallic mineral output

The Philippines has posted a 48-percent increase in the value of metallic mineral production for the first half of the year, the Department of Environment and Natural Resources (DENR) reported.

According to the DENR, the total production value of gold, silver, copper and nickel in the country went up to P24.86 billion from January to June as compared to P16.84 billion during the same period last year.

"This trend augurs well not only for investors we had invited to consider our mining opportunities here, but also to the overall health of our national economy. Hopefully, more investors will be enticed to come here so that we can take advantage of the spiraling world prices of metals," said Environment and Natural Resources Secretary Angelo Reyes.

The Mines and Geosciences Bureau of the DENR credits the country’s increase in mineral production to the strong market price of minerals.

According to the NGB, copper prices represented an 82-percent increase from $1.51/lb in 2005 to $2.75/lb this year. Gold, silver and nickel meanwhile posted increases of prices by 38 percent, 56 percent and nine percent respectively.

Gold production value from January to June this year also went up by 42 percent ot P18.5 billion as compared to P12.69 billion last year.

The country’s top gold producers, according to the DENR were Lepanto Consolidated Mining Corp., TVI Resources Development Philippines, Rapu-Rapu Processing Inc., Johnson Gold Mining Corp., Benguet Corp., Philsaga Mining Corp., and Philex Mining Corp.

Silver production also improved by 186 percent valued at P217.035 million with copper production increasing by 82 percent valued at P2.41 billion.

Nickel production posted an increase of 247 percent for a value of P576.63. Top nickel producers according to the DENR were Coral bay Nickel Corp., Cagdianao Mining, Hinatuan Mining, Rio Tuba Nickel Mining and Taganito Mining. — Mike Frialde