Metallic mineral production value went down by 14.37% in H1 2020 from PhP62.92 billion in H1 2019 to PhP53.88 billion, a decline of PhP9.04 billion.
In terms of percent, contribution to the metallic production value nickel ore together with its nickel products, mixed nickel-cobalt sulfide and scandium oxalate ruled over the other metals accounting for 44.79% or PhP24.13 billion. Gold came in close second accounting for 41.51% or PhP22.12 billion. This was primarily due to the much-improved price of yellow metal in the world market from US$1,307.36 per troy ounce in H1 2019 to $1,647.44 per troy ounce, up by about US$339 per troy ounce. Market analysts believed that gold prices would continue to go up given the current world economic situation. Meanwhile, nickel price also enjoyed a slight growth in H1 2020 from US$12,316.06 per tonne in H1 2019 to US$12,473.17 per tonne, an increase of US$157.11. Copper took the third spot contributing PhP7.19 billion or 13.50%. Unlike with gold and nickel, the price of copper drop from US$6,164.74 per tonne in H1 2019 to US$5,496.36 per tonne in H1 2020, lower by US$668.38. While combined mine output of silver and chromite accounted for less than 1% or PhP0.43 billion.