Strong world market prices sustain PH metal production

Elevated world market prices pushed up the value of the country’s metallic mineral production in the first six months of the year by a hefty 39.42 percent to P112.66 billion from P80.81 billion last year, according to a report by the Mines and Geosciences Bureau (MGB).

MGB said the “driving force” behind the encouraging performance of the industry “was still the strong metal price of gold, copper and nickel.”

Nickel prices posted the largest increase during the period as prices soared by 63 percent to $28,564 per metric ton (MT) from $17,490 per MT.

The price of gold averaged $1,874.47 per troy ounce, 3.6 percent higher than last year’s $1,808.59 per troy ounce.

The avera…

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