The value of metallic mineral production in the Philippines rose by 3.17%, or PhP6.02 billion, in the first three quarters of 2024 from PhP189.90 billion to PhP195.92 billion year-on-year.
The significant growth can be attributed to the re-entry of Carmen Copper Corporation's (CCC) - Toledo Copper Operations in the Lutopan Mining Area to the production stream, which resumed in April 2024. The last reported production from Lutopan was in CY 2015. During the review period, the estimated total value of gold and copper produced from this mining project was approximately PhP9.73 billion, which includes 382 kilograms of gold and 79,914 dry metric tons of copper. This growth was further enhanced by strong prices for gold, silver, and copper.
During the period, the prices of precious metals, particularly gold and silver, saw significant gains. According to the BSP price bulletin, the price of gold increased by $361.17, representing an 18.69% increase. Similarly, silver saw an increase of $3.46, or 14.69%. Analysts attribute this surge to a growing interest in gold investments spurred by high inflation rates. In 2024, the price of gold consistently surpassed the $2,000 mark, peaking at $2,565.25 per troy ounce in September, with expectations for continued increases throughout the year.
Meanwhile, silver prices are expected to remain strong, driven by industrial demand, particularly in the solar sector. The price of silver improved from $23.55 per troy ounce to $27.01 per troy ounce. Additionally, copper prices rose to $4.07 per pound, up from $3.90 per pound year-on-year. In contrast, nickel prices have significantly declined. According to the London Metal Exchange, nickel prices fell by 25.43%, decreasing from $10.39 per pound to $7.75 per pound year-on-year.