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Manila Bulletin devider Business devider Philippine key mineral reserves post 2% growth in 2023

Philippine key mineral reserves post 2% growth in 2023

Published Jun 7, 2024 04:46 am

The Philippine Statistics Authority (PSA) reported that the value of the country's mineral reserves increased last year.

From January to December 2023, the combined value of Class A gold, copper, nickel, and chromite reserves rose two percent to P474 billion from the previous year's P464.51 billion.

Specifically, the value of Class A gold surged by 11 percent to P181.61 billion compared to P163.67 billion in the previous year.

On the other hand, Class A copper reserves decreased by 10 percent to P52.85 billion from P58.92 billion in the prior year.

Similarly, Class A nickel reserves were valued at P238.90 billion in 2023, a slight decrease of 1.1 percent from P241.43 billion in 2022.

Meanwhile, there was a 33 percent jump in the value of Class A chromite reserves, hitting P645.90 million in 2023 compared to P485.79 million in the previous year.

The total resource rent generated from these mineral reserves contributed P57.66 million, accounting for 0.24 percent of the country’s gross domestic product in 2023.

Regarding production figures, gold production reached 401,700 kilo in 2023, a modest 1.5 percent decrease from the 2022 figure of 408,000 kilo.

Meanwhile, copper production declined by 2.1 percent to 2.9 million metric tons in 2023, while chromite production saw an increase of 41.6 percent to 23,820 metric tons.

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Philippine Statistics Authority (PSA) Mining Sector
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