MANILA, Philippines – The Mines and Geosciences Bureau (MGB) is projecting a 10-percent increase in mineral production value this year due to the improvement in the prices of gold, nickel and copper as the global economy starts showing signs of recovery.
However, it remains uncertain if the MGB will achieve its target of generating investments of up to $650 million this year, with the actual figure as of yesterday recorded at only $300 million.
The MGB had originally projected a P100-billion mineral production value this year, about P13 billion higher than the P87-billion actual mineral production value recorded last year.
According to MGB Director Horacio Ramos, prices of nickel and copper have improved, prompting local mining firms to increase their production of nickel laterite ores.
The price of nickel which had crashed from $16 per pound to as low as $6/lb last year, has improved to around $8 to $9/lb, prompting most of the nickel producing firms to resume production.
Last year, several nickel firms had slowed down and even mothballed their operations due to the steep drop in nickel prices. With prices improving, these firms are once again stepping up their production, Ramos said.
Likewise, the continuing high prices of gold is attracting more mining firms to step up production, Ramos continued.
At least five gold mining projects are starting production, he added.
Gold prices are hovering at $960 per ounce.
The firms that are going into production, Ramos said, include Philsaga Mining Corp.’s Coo mine, CGA Limited’s Filminera Resources Corp.’s gold project in Masbate, Atlas Consolidated’s Carmen Copper Corp. in Toledo, Cebu, Coral Bay Nickel Corp.’s project in Palawan and even the Rapu-Rapu mine in Albay.
But even though mineral production values are expected to increase this year, Ramos is not as confident in hitting the agency’s mining investment target this year based on the actual investment figure of $300 million as of yesterday. –Marianne V. Go (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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