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Value of mineral resources down 4.7% from 2013

THE VALUE of Class-A nickel, copper, chromite, and gold resources dropped 4.7% to P296.28 billion compared with 2013, according to the Philippine Statistics Authority (PSA).

The PSA said in a report Thursday that Class-A nickel resources fell 17.9% by value to P136.61 billion in 2020, compared to 2013 levels.

The value of Class-A copper resources fell 59.2% to P25.84 billion in 2020, also compared to the level recorded in 2013.

The value of Class-A chromite resources rose 69.9% to P1.11 billion, while the value of Class-A gold resources rose 39.4% to P132.72 billion.

“The total resource rent of the four mineral resources contributed 0.2% to the gross domestic product of the Philippines in 2020, amounting to P30.46 billion,” the PSA said.

“Class A resources are commercially-recoverable mineral resources which are confirmed to be economically viable by a defined development project or operation,” the PSA said.

On April 14, President Rodrigo R. Duterte signed Executive Order No. 130, which removed the ban on new mineral agreements.

The order is expected to raise P21 billion in revenue for the government with 100 mining projects in the pipeline as a result of the ban’s lifting. — Revin Mikhael D. Ochave

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