Metallic mineral production value sustains growth in CY 2023 from PhP237.66 billion to PhP249.05 billion, up by a margin of PhP11.39 billion or 4.79%.
This performance was attributed primarily to the positive showing of gold and nickel ore. In terms of production value gold enjoyed a 17% or PhP15.59 billion increase from PhP91.05 billion in CY 2022 to PhP106.64 billion in CY 2023. Together, nickel ore exhibited a 7% or PhP4.18 billion increase from PhP61.66 billion to PhP65.84 billion, year-on-year.
The prices of metals gold and silver went up by 7.80% and 7.85%, respectively. The recorded average price of gold was US$1,802.28 per troy ounce to US$1,942.80 per troy ounce up by US$140.51 while silver was up by US$1.71 from US$21.76 per troy ounce to US$23.47 per troy ounce, year-on-year. Nickel and copper prices were lackluster in CY 2023 for nickel from US$11.86 per pound to US$9.93 per pound, down by US$1.92, year-on-year while for copper from US$4.00 per pound to US$3.85 per troy pound year-on-year.