THE value of the mining industry’s metallic mineral production rose 1.28% to P252.9 billion in 2024, driven by gold, according to the Mines and Geosciences Bureau (MGB).
Gold accounted for nearly half of the total at P126.36 billion, which was up 19% from the 2023 total.
The value of raw nickel ore fell 15% to P56.67 billion in 2024, the MGB said.
It said the value of mixed nickel-cobalt sulfide fell 21% to P37.37 billion.
The MGB said copper output was valued at P27.24 billion, up from P25.41 billion in 2023; silver at P2.91 billion from P1.86 billion previously; and chromite at P1.75 billion from P1.51 billion.
The growth of Philippine mineral output lagged gross domestic product growth of 5.6% in 2024, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“This could have been weighed down by mostly softer economic data in China, the world’s second biggest economy and the world’s biggest importer of oil, metals, and other major commodities,” he said via Messenger chat.
He said gold was propelled by record world prices, which rose 27% in 2024 after a 13.1% rise in 2023.
Meanwhile, Mr. Ricafort said the 15% decline in the value of raw nickel ore was due to the decline of global prices to a four-year low.
Nickel prices declined 7.9% in 2024. — Kyle Aristophere T. Atienza