Metal miners back government call for local processing

MANILA, Philippines — The country’s biggest metallic miners have expressed full support for the government’s push for local mineral processing of green metals to help in energy transition despite perceived challenges next year.

Chamber of Mines of the Philippines (COMP) chairman Michael Toledo said the Philippine metallic mining industry is keen on participating and taking advantage of opportunities presented by this development.

“A lot still needs to be done, but we believe the signposts show we are on a course that is likely to result in success,” he said.

This year, the metallic minerals sector shone brightly, owed to improved prices, favorable foreign exchange environment and good weather.

“The nickel sector’s creditable performance can be attributed to improved nickel ore prices and better loading conditions on account of good weather, particularly in the southern part of the country,” Toledo said.

He also said gold performed well, noting that “it is touted as the world’s safe-haven metal that helps protect investors against economic downturns.”

“Meanwhile, the low copper prices were offset also by good weather, which resulted in less production interruptions, as well as by the strong dollar-to-peso exchange rate,” the COMP chief said.

Data from the Mines and Geosciences Bureau (MGB) showed the metallic mineral production remained robust as of end-September, reaching P189.08 billion from P176.24 billion in the same period last year due to solid gains in prices.

Nickel was the top contributor, with a total production value of nearly P90 billion or 47.6 percent.

Gold slipped to the second spot with 41.07 percent valued at P77.65 billion, followed by copper with 9.94 percent or P18.79 billion.

The share of silver, chromite, and iron ore amounted to P2.64 billion or about 1.4 percent.

While the metallic minerals sector performed well this year, the COMP official noted some challenges for miners next year.

“NPI factories are the entry point of Philippine nickel ore into China. We anticipate Indonesia to keep producing cheap NPI. Meantime, we don’t know when China’s economy will improve. Most developed countries are challenged at this time,” he said.