Domestic metallic mineral production value surged by 31.73 percent to P238.05 billion in 2022 from P180.71 billion the previous year, according to the  Mines and Geosciences Bureau (MGB).

The growth was achieved despite the twin impact of the Covid-19 pandemic and the ongoing Russia-Ukraine war.

“We saw the pandemic slow down global economic activities and the Russia-Ukraine war affecting key markets, particularly energy markets such as oil and gas,” the MGB said in a statement.

“These unprecedented events have disrupted the supply and demand chain of major commodities. In terms of prices of metals copper and silver went down by 5.03 percent and 14.52 percent, respectively,” it added.

The recorded price of copper declined to $4.00 per pound in 2022 from $4.21 per pound the previous year, while that of silver also dropped to $21.76 per troy ounce from $25.45 per troy ounce.

Nickel price was still high in 2022 from $8.35 per pound to $11.86 per pound, an increase of $3.51 per pound, year-on-year.

Gold price was up by $1.90 from $1,800.39 per troy ounce to $1,802.28 per troy ounce year-on-year.

CURRENTPH NEWS SERVICE