On September 4, the Bureau of Mines and Earth Sciences (DENR-MGB) of the Philippine Department of Environment and Natural Resources said that the value of metal mines in the Philippines increased by 8.06% in the first six months of 2023.
Data from DENR-MGB showed that the domestic metal mineral output increased to 123.07 billion pesos in the first six months of this year from 113.89 billion pesos in the same period in 2022 due to the good performance of gold and nickel.
Nickel ore and its nickel products accounted for the largest share at 57.32 billion pesos, or 46.57% of the total value.
"Despite low nickel prices in the first half of 2023, nickel ore and its nickel products continue to dominate the production segment," MGB said.
Nickel ore production increased 40% to 16.86 million dry tons from 12.01 million dry tons in 2022. Nickel prices fell from $12.95 per pound to $10.98 per pound in the first half of 2023.
In terms of producers, Taganito Mining Corp. produced the most Nickel ore at 2.42 million dry tons, while Rio Tuba Nickel Mining Corp. Nickel ore production was 2.11 million dry tons. The top three provinces in nickel production are Surigao South, with 3.71 million dry tons; Palawan has 3.28 million dry tons; And Surigao del Norte have 3.19 million dry tons.
With MGB expecting four nickel mining projects to commence mining operations between 2023 and 2025, nickel ore production is expected to expand further.
In the first half of 2023, the national government collected P3.25 billion in excise taxes on metal mineral mining activities, while collecting about P932.02 million in royalties. "Currently, we have 21 mining projects, 20 nickel mining projects and one chromite mining project in the mineral reserve," it added.
The Ministry of Natural Resources said the government set up mineral reserves mainly to promote the wise and efficient allocation, development, utilization and protection of the country's mineral resources. The Government may utilize mineral resources either directly or indirectly through operating agreements or contracts with qualified individuals and receive royalties from minerals/mineral products produced in mineral reserves, excluding all other taxes accrued by the government.
