• Country’s metals output drop 7.8 percent in first half

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    The Philippines’ metal output dropped 7.8 percent in the first half of the year because of lower commodity prices, the Mines and Geosciences Bureau (MGB) said on Monday.

    In a report, MGB Director Leo Jasareno said that metal production value in January to June this year reached P45.9 billion, lower than the P49.8 billion recorded a year ago.

    He also said that directly shipped nickel ore and mixed sulfides took the lead in terms of metalic production value during the first half of 2013, accounting for 41 percent, or P18.99 billion.

    Gold took the second spot with 34 percent, or P15.6 billion; followed by copper with 22 percent, or P9.97 billion; while the remaining 3 percent, or P1.34 billion was shared by silver, zinc, chromite and iron.

    “Dictated by the less upbeat world metal prices, the precious metals gold and silver, and the base metals copper and nickel, all recorded negative movements during the review period,” the MGB chief added.

    The average price of the yellow metal registered a decline of 7.7 percent to $1,524.52 per troy ounce in the first six months of 2013, from $1,651.69 per troy ounce in 2012.

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