Metallic mineral production value sustained growth at 22.34% from PhP99.03 billion in January to September 2020 to PhP121.16 billion in January to September 2021, a difference of PhP22.12 billion.
The strong metal price coupled with the better mine production of nickel ore during the review period was the vital factor for this development. Prices of leading metals gold, silver, copper, and nickel remained bullish, year-on-year. Precious metals gold and silver reported an average price of US$1,801.97 per troy ounce and US$25.77 per troy ounce from US$1,735.39 per troy ounce and US$19.21 per troy ounce, year-on-year, up by almost US$67 and US$7, respectively. In addition, the nine-month averages for copper and nickel stood tall at US$9,187.81 per metric ton and US$18,035.15 per metric ton, respectively. Copper price went up by 57% from US$5,837.89 per metric ton, while nickel enjoyed a 38% increase from US$13, 059.28 per metric ton.