THE value of metallic mineral production in the Philippines rose by 4.79 percent for full-year 2023, the Department of Environment and Natural Resources (DENR) reported on Wednesday.

The latest report released by DENR's Mines and Geosciences Bureau (MGB) showed that the value of domestic metallic mineral production increased to P249.05 billion from P237.66 billion logged in 2022, attributable to the upstanding performance of gold and nickel.

The annual increase is equivalent to at least P11.39 billion, which is smaller compared to the P57.34-billion annual increase in 2022.

Nickel ore, together with its nickel products, took the biggest share at P113.37 billion, or 45.5 percent of the total value. This, however, is lower by 3.63 percent from P117.64 billion in 2022.

"This was due to the reported lower plant output both in volume and value of nickel-cobalt mixed sulfide (NCMS) and scandium oxalate," said MGB.

Nickel ore mine production volume, meanwhile, grew by 19 percent to 35.15 dry metric tons (DMT) with an estimated value of P65.84 billion.

Citing reports of the London Metal Exchange price matrix, MGB said that the average nickel price registered in last year was $9.93 per pound, 16.21 percent lower than $11.86 per pound in 2022.

China remains the country's major trading partner for nickel, getting 98 percent or 17,635,883 dry metric tons. Other export markets were Japan, South Korea and Indonesia.

Gold, meanwhile, recorded a production value of P106.64 billion or 42.82 percent of the total. It increased by 17 percent in comparison to the P91.05 billion posted in 2022.

Production volume of gold also increased by 7 percent, from 29,036 kilograms (kg) to 31,046 kg last year.

The top three gold-producing regions include the Cagayan Valley Region with 6,613 kg; Bicol Region closely followed with 6,047 kg; and Southern Mindanao with 2,964 kg.

Gold purchases of the Bangko Sentral ng Pilipinas in terms of volume also increased by 26 percent to 8,714 kg, with an estimated value of P30.3 billion.

Copper came in third position with P25.41 billion or 10.20 percent share to the total output. Its production volume was recorded at 266,532 dry metric tons (DMT) or 3.0 percent higher from 258,729 DMT posted last year.

Copper prices slightly dropped by 3.73 percent to $3.85 per pound from $4.00 per pound. The country's copper output was shipped to China, Japan and South Korea.

Meanwhile, the collective values of silver, chromite and iron ore accounted for P3.63 billion, or 1.46 percent.

MGB said that silver's performance was "sluggish" last year, with production volume declining to 46,160 kg with an estimated value of P1.86 billion.

From the metallic mineral mining activities last year, the national government collected P6.79 billion in excise taxes, while royalties collected were about P2.23 billion.

"Currently, we have 21 mining projects located within the mineral reservation areas, 20 nickel mining projects, and a chromite mining project," MGB added.

Over the short term, the agency said that the performance of the minerals sector will be dictated by price behaviors depending on world supply and demand patterns this year and into the next.

"The entry of new players or expansion of existing projects will also be a big factor, while demand is shaped by how robust or weak the global economy in the construction, and manufacturing sectors will be," said MGB.