PRODUCTION value of silver soared to P2.22 billion in the third quarter this year, up 178 percent from the P797.74 million in the same period last year, the highest growth rate among locally mined precious and base metals.
Latest available data from Mines and Geosciences Bureau (MGB) show that production volume for silver also grew to 32,951 kilograms as of September this year, up nine percent from 30,244 kilograms.
Silver’s performance helped increase the country’s total metallic mineral production value to P90.02 billion during 2011’s first nine months from P78.58 billion the year earlier.
The data further show production value of gold, another precious metal, also rose P50.55 billion in first nine months this year from P49.16 billion during the same period last year.
However, 2011 gold production volume shrank 14 percent to 25,249 kilograms after hitting 29,401 kilograms last year.
MGB also reported silver and gold continued to enjoy better prices this year, rising 101.56 percent and 30.63 percent, respectively.
The data further show that unlike silver, 2011 production value rose at a lesser rate for locally produced base metals like copper concentrates (23 percent), nickel concentrate (37 percent), nickel direct shipping ore (32 percent), metallurgical chromite (negative 25 percent) and zinc (96 percent).[PNA]
