Metals output growth sustained
THE COUNTRY’S total mineral output sustained its growth last semester, improving by more than a fifth on good performance of major copper ore producers.
The Mines and Geosciences Bureau (MGB) said in a Nov. 3 report that total metallic production value rose 22% to P57.27 billion as of end-June versus the P46.84 billion posted in the same period last year.
“This is the fourth consecutive quarter that the metallic sector enjoyed... growth,” MGB Director Leo B. Jasareno said in a statement yesterday.
“The good showing of the major copper ore producers... was the main factor for the upswing,” he added, citing Dipidio Copper-Gold Project in Nueva Vizcaya operated by Oceanagold Philippines, Inc. and Padcal Copper-Gold Project in Benguet operated by Philex Mining Corp.
Taganito Mining Corp.’s high pressure acid leach (HPAL) plant in Surigao del Norte, which started operations in Oct. 2013, was also cited as a major contributor, accounting for about P4.04 billion.
The MGB noted that these projects’ performance “cushioned the effects of the closure of the Canatuan Mining project of TVI Resources Development (Phils), Inc. and the Rapu-Rapu Polymetallic Project of Rapu-Rapu Minerals, Inc. (RRMI).”
Of the total production, direct shipping nickel ore and mixed nickel sulphides accounted for the bulk at 54.19% or P31.03 billion, up 59% from last year’s P19.52 billion.
Gold, which accounted for P26.69%, had a P15.28-billion contribution, 1% less than the P15.47 billion recorded in the same six months last year.
Copper had a 17.72% share at P10.15 billion, a 2.72% improvement from P9.88 billion.
The remaining 1.4% or around P800 million of the total value was shared by silver, chromite and iron.
The total value of silver fell 56.79% to P292.39 million from P676.72 million in the same comparative six-month periods.
Chrome bared an 18% improvement to P132.13 million from P111.72 million; while iron output fell 51% to P379.64 million from P776.34 million.
MGB noted in its statement that zinc “posted the biggest loss” due to lack of contribution this year, compared to P414.92 million a year ago. “This was due to the closure of the mining operations of TVI and RRMI,” Mr. Jasareno said, adding “both mines produced copper and zinc ores.”
Metal prices were mostly down last semester, according to MGB.
“Among the major minerals, only nickel displayed an upbeat price movement, hovering around $6.38 to $8.74 per pound in the first half of 2014,” the statement read.
Gold price dropped by 15.31% to $1,291.05 from $1,524.52 per troy ounce, that of silver fell to $20.05 from $26.64 per troy ounce, while copper slipped to $3.11 per pound from $3.39 per pound, MGB said.
During the period, the Dipidio Project topped other producers with total production value of P6.07 billion.
Padcal project and Coral Bay HPAL Project in Palawan (Coral Bay Nickel Corp.) took the second and third spots with P5.53 billion and P5.49 billion value of production, respectively.
Carmen Copper Corp.’s Toledo Copper Project in Cebu had P4.98 billion, securing the fourth spot; while Philippine Gold Processing & Refining Corp.’s Masbate Gold Project landed fifth with P4.61 billion. -- Claire-Ann Marie C. Feliciano
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