Global trends still seen favorable to gold mining
Prices of precious metals like gold and silver are projected to sustain their uptrend this year as prolonged geopolitical conflicts continue to drive investors toward safe-haven assets.
“Experts anticipate that the prices of precious metals will continue to rise in 2025, influenced by current geopolitical tensions and sustained demand from central banks,” the Mines and Geosciences Bureau (MGB) said in a report.
According to MGB, gold prices averaged $2,383.69 per ounce in 2024, an increase of 22.7 percent, while silver prices rose by 19.7 percent to $28.09 per ounce.
Gold prices continue to hit record highs this year, trading at around $2,900 per ounce.
“Internationally, the market outlook for metals in 2025 is expected to be influenced by several factors, including changes in US trade policy, ongoing geopolitical tensions, and the performance of China’s construction sector,” it added.
According to the MGB, the country’s metal production stood at P252.90 billion in 2024, up by 1.28 percent, driven by higher gold and silver prices.
Gold accounted for almost 50 percent of local metal output last year valued at P126.36 billion.
Higher prices made up for the 7-percent decline in the volume of gold output to 28,870 kilograms.
Silver output totaled 54,073 kilograms, an increase of 17.1 percent.
Base metals
Last year, copper prices went up by 5.55 percent to $4.06 per pound.
On the other hand, nickel ore prices declined by 23.75 percent to $7.57 per pound. In 2025, nickel peaked at $8.85 per pound in May while the lowest price was seen at $6.38 per pound in December.
Nickel ore, along with nickel-cobalt mixed sulfide and scandium oxalate, accounted for 37.26 percent or P94.23 billion of the total value of metals produced by the country last year. However, volume dropped by 5.76 percent to 33.4 million metric tons (MT).
Copper output dipped by 3.66 percent to 256,769 MT, contributing 10.77 percent or P27.24 billion to the overall mineral output.
Silver, chromite and iron ore comprised the remaining 2 percent value of mineral production or P5.07 billion.
The MGB said policy reforms were underway to promote the growth of the mining sector.
“Policies addressing tax reforms, streamlining mining permitting processes, facilitating ease of doing business, and attracting foreign investment are currently being developed,” it added.
On a regional basis, Caraga was the leading contributor of minerals with 30.86 percent or P67.19 billion worth of output. Cagayan Valley and Mimaropa came next with 14.76 percent (P32.15 billion) and 13.26 percent (P28.87 billion).
Royalties from the development and utilization of mineral resources hit around P1.89 billion, the MGB estimated.
To date, the country has 21 mining projects in mineral reservation areas, including 20 nickel mining projects and one chromite mining project.
