PH’S METALLIC MINERAL PRODUCTION VALUE UP BY 3% IN 2024

March 29, 2025 Provincial

BAGUIO CITY

The Mines and Geosciences Bureau (MGB) said the country’s metallic mineral production value posted at P13.8 billion in 2024, an increase of three percent compared to P13.4 billion in the previous year (2023). And influenced by global supply and demand dynamics,
China’s significant demand for metals particularly base metals, pushing global prices due to its large market size. Other factors – geopolitical tensions and currency fluctuations. Espejo added that new technologies that require specific metals also gave an impact to demand and prices.

During the period, he prices of precious metals particularly gold and silver saw significant gains. MGB official said, based on Bangko Sentral ng Pilipinas (BSP) price bulletin the price of gold increased by US$361.17 representing an 18.69 percent increase. Similarly, silver saw an increase of US$3.46 or 14.69 percent. ‘Gold is considered a safe haven asset, its price often rises during economic uncertainty of market volatility. Analysts attribute this surge to a growing interest in gold investments spurred by high inflation rates.’

The official further said in 2024, price of gold consistently 3 surpassed the US$2,000 mark, peaking at US$2,565.25 per troy ounce .
(Troy ounce = 31.1034768 grams). Silver has remained strong, driven by industrial demand particularly solar. The price improved from US$23.55 over troy ounce to US$27.01 per troy ounce. Copper prices rose to US$4.07 per pound, up from US$3.90 per pound year-on-year. In other development, Espejo said the Cordillera’s year-on-year increase in sand and gravel production volume and value, 6.4 percent (2023) and 7.4 percent (2024), respectively.

Primo Agatep/ABN