MGB reports metallic mineral production value stayed upbeat in 2022

The Mines and Geosciences Bureau (MGB) reports “metallic mineral production value stayed upbeat in 2022 vis-à-vis 2021 from PhP180.71 billion to PhP238.05 billion, a growth of PhP57.34 billion or 31.73%.”

MGB says in an article, “this impressive showing was enjoyed amid the twin impact of the Covid-19 pandemic and the pro-longed Russia-Ukraine war. We saw the pandemic slow down global economic activities and the Russia-Ukraine war affecting key markets, particularly energy markets such as oil and gas. These unprecedented events have disrupted the supply and demand chain of major commodities. In terms of prices of metals copper and silver went down by 5.03% and 14.52%, respectively. The recorded price of copper in 2021 was US$4.21 per pound to US$4.00 per pound down by US$0.21 while silver declined by US$3.70 from US$25.45 per troy ounce to US$21.76 per troy ounce, year-on-year. Nickel price was still high in 2022 from US$8.35 per pound to US$11.86 per pound, a markup of US$3.51, year-on-year. At the same time, gold was up by US$1.90 from US$1,800.39 per troy ounce to US$1,802.28 per troy ounce year-on-year.”

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