CORDILLERA GOLD PRODUCTION IN BOTH VOLUME, VALUE UP IN 2023 2ND QUARTER

August 18, 2023 Headlines

Rise in investment of renewable energies, electric cars benefit silver

BAGUIO CITY

Gold production in the Cordillera Region in the second quarter of 2023 increased both in volume and value by 30.34 percent and 45.58 percent, respectively, according to Mines and Geosciences
Bureau Cordillera (MGB-CAR). Based on the obtained 2023 Q2 MGB-CAR Regional Economic Situationer, gold production in the second quarter (Q2) posted at 844 kilograms (Kg.) valued at P2.9 billion from 654 kg at P2.014 billion (Q1).

Gold prices remained historically how high levels in Q2, although it fell below US$S2,000 per ounce. MGB added that yellow metal remained near or above that level though April and May, but in June, it’s price strength began to decline to US$1,970. On small scale mining contracts (SSMC), its share in gold production (Q2) in terms of value has decreased to P4.489 million from P9.374
million. While silver production declined 4.74 percent in volume but up in value to P37.621 million from P30.610 million.

Silver prices are characteristically volatile during the period in review, claimed MGBCAR, breaking through US$26 in April and May. Silver has benefitted from the uptake of solar panel technology, investment in the renewable energies, rise of electric vehicles and ongoing 5G cellular service upgrades around the world. Copper production decreased to 10.19 percent and 17.31 percent in both volume and value, respectively.

The agency reported it’s due to lower grades and lower recovery in the review period. Copper prices have been performing with volatility since the start of the year, it stayed above the US$8,000 per metric ton (mt.) mark for the most of the first half of 2023,but copper has been unable to maintain
that level, falling back almost to where it started the year, it further stated.

All in all, copper pricesended the three-month period at US$8,315.50 down by more than US$600 that left the red metal almost flat since the start of the year. Copper is widely used in building construction, electrical construction, electrical. products, transportation equipment and home appliances but demand from top consumer China has been weaker than expected.

Primo Agatep/ABN