Metallic mineral production value ended the year on a high note with a PhP27.20 billion or 20.34% growth from PhP133.71 billion in 2020 to PhP160.91 billion in 2021.
Key factors that worked well for the industry in 2021, was the strong metal price coupled with the impressive showing in the mine production of nickel ore. Prices of leading metals gold, silver, copper, and nickel remained bullish, throughout 2021. Precious metals gold and silver recorded an average price of US$1,800.39 per troy ounce and US$25.45 per troy ounce in 2021, respectively. Gold went up by US$30.17 from US$1,770.21 per troy ounce while the white metal rose by US$5.01 from US$20.45 per troy ounce. Also in the upswing, copper closed the year with an average price of US$9,318.16 per metric ton from US$6,171.87 per metric ton, a substantial price difference of almost 51% or US$3,146 year-on-year. Nickel followed with a 34% or almost US$4,706.66 increase from US$13,779.66 per metric ton to US$18,486.32 per metric ton year-on-year.