June 1, 2017: METALLIC MINERAL PRODUCTION VALUE GROWS BY 5.10% IN Q1 2017 ON ROBUST METAL PRICES
Philippine metallic mineral production value grew by 5.10% in Q1 2017 from PhP22.79 billion in Q1 2016 to PhP23.96 billion, an increase of PhP1.16 billion.
The good performance of gold and mixed nickel-cobalt sulfide (MNCS) were the drivers for this positive turnout. Production value of gold and MNCS went up by PhP1.48 billion and PhP1.01 billion, respectively.
In terms of contribution to the total metallic mineral production value, gold validated its dominance over the other metals with 51%, or PhP12.16 billion, input during the review period. The Didipio Gold Project of OceanaGold Philippines Inc. (OGPI) in Nueva Vizcaya and Masbate Gold Project of Filminera Mining Corporation/Philippine Gold Processing and Refining Corporation in Masbate were at the forefront with 1,951 kilograms and 1,632 kilograms, respectively (See Table 2). The combined gold output of the two Projects accounted for more than 58%, or PhP7.07 billion, of the country’s gold production value.
In terms of mining method, among the country’s six gold mines, only Runruno Gold-Molybdenum Project of FCF Minerals Corporation (FMC) in Nueva Vizcaya conducts open-pit mining while the rest use underground mining. FMC is the second mining company to be granted a Financial or Technical Assistance Agreement (FTAA) by the government.