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Mineral production value up by a fourth in 2009


Mineral production value went up by a quarter to P79.66 billion (about $1.7 billion) last year amid a global surge in demand for precious and semiprecious metals, data from the Mines and Geosciences Bureau showed. Output went up significantly except for chromite, while production value rose across the board due to rising world metal prices, the agency said. “The increase in the values may be attributed to the improving economic conditions, as well as to increasing metal prices in the world," said Environment Secretary Horacio Ramos, who used to head the bureau. Gold production increased by 4 percent to 37,047 kilograms (kg), while value went by almost a quarter to P52.767 billion from the prior year. Late last year, gold prices breached the $1,000-per-ounce mark. Meanwhile, silver output more than doubled to 33,808 kg, while value almost tripled to P716.47 million. Copper concentrate production also more than doubled to 203,414 dry metric tons, while total value went up by more than three-quarters to P10.81 billion. Zinc concentrate production likewise grew more than six times to 21,676 dry metric tons, while output value surged almost 11 times to P424.24 million. The bureau said nickel concentrate output had gone up by almost two-thirds to 30,333 dry metric tons, while value grew by almost a fifth to P7.7 billion. On the other hand, production of chromite, which is used in steel processing, slid by 6 percent to 14,322 dry metric tons. Output value, however, still went up by 15 percent to P126.32 million from the prior year. The government expects mineral production value to almost double to $2.95 billion this year with the entry of several mining projects. Investments in the local mining sector may reach as much as $1.42 billion this year from an estimated $627.84 million last year. The government has approved 13 new mining contracts so far this year, in line with its mining investment goal for 2010. — GMANews.TV

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