Major Gold Mines and Production in the Philippines

As of 2026-08-30 · Updated 2026-08-30 · Section: Mineral Resources · 日本語版

0. First, Don't Confuse Three Different "Quantities"

Most articles about Philippine gold use the following terms interchangeably. Getting this wrong leads to misreading everything else.

注 The claim "the Philippines has the world's 2nd-largest gold reserves" cannot be substantiated. - As a claim about the central bank's gold reserves, it is clearly wrong. Rappler's fact-check (published February 2023, using Q4 2022 World Gold Council/IMF data) found the Philippine central bank held 157.06 t against the United States' 8,133.46 t, ranking the Philippines around 26th in the world, and rated the claim "False." FactRakers had already debunked a 2020 version of the same claim. (Corrected 2026-08-25 during cross-referencing. The earlier note "2022" referred to the reference point of the cited data, not the publication date. Source: field "Gold Reserves and Deposits," section 2-1, "Rappler ruled False in February 2023") - As a claim about underground reserves, "2nd in the world" traces only to Forbes (2015) and Gulf News citing no source, and cannot be traced back to a primary source from the USGS or any geological survey body. This material treats it as an unconfirmed, source-unclear claim in wide circulation.

注 Differences in reporting standards must also always be checked. - PMRC 2020 (Philippine Mineral Reporting Code) = the domestic disclosure standard for PSE-listed companies. OceanaGold Philippines used this standard for its March 2026 mine-life extension disclosure. - NI 43-101 (Canada) = used by parent companies listed on the TSX, such as OceanaGold and B2Gold. - JORC (Australia) = used by SMI (Tampakan), X64 Gold (Co-O), and others. - MGB production statistics are government administrative statistics, not a reporting standard — they carry no guarantee regarding reserves.

1. National Gold Production and World Ranking

1-1. Production trend (based on MGB — Mines and Geosciences Bureau — data)

A consistent pattern since 2024: volume down, value up. Combined metallic mineral production value for Jan–Sep 2025 was ₱219.742 bn (+14.8%), of which gold's ₱117.4 bn accounted for nearly half.

注 MGB statistics are revised from provisional to final figures. Gold production for Jan–Sep 2024 was initially reported as 22,034 kg and later revised to 21,651 kg. The figure for the same period can differ depending on when it was referenced, so always note "as reported by MGB in [month/year]." Similarly, metallic mineral production value for H1 2025 is given as both ₱135.62 bn (MGB's H1 review) and ₱140 bn (as cited by Chambers) — the two figures don't match.

注 As of the time of writing (2026-08-24), MGB's confirmed full-year statistics for 2025 could not be confirmed (unconfirmed). Full-year figures are typically published between March and June of the following year.

1-2. World ranking

• World gold mine production is estimated at 3,300 t for 2025 (3,280 t in 2024). China, Russia, Australia, Canada, and the United States lead, together accounting for about 41% (USGS, "Mineral Commodity Summaries 2026," gold chapter).
• The Philippines' ranking swings widely depending on methodology. GlobalData placed it 25th in the world as of 2023 (about 0.61% of global production), while some other datasets published in 2026 place it around 18th. It is safest to write "roughly in the 15th–25th range" rather than asserting a specific rank.
• The biggest reason for this variance is whether artisanal and small-scale gold mining (ASGM) output is included in the count. In 2025, the World Gold Council revised Peru's ASGM figures upward, causing Peru to jump from 9th to 5th place — the Philippines faces the same structural issue.

2. The Ratio of Large-Scale Mining to Small-Scale Mining

Figures commonly cited for the ratio: - PIDS (Philippine Institute for Development Studies) research: about 70% of domestic gold supply originates from small-scale mining. - DENR-EMB (2011): 80% of annual gold production is ASGM, with about 500,000 miners.

注 A precise "large-scale : small-scale" ratio cannot institutionally be produced. MGB statistics center on declared figures from large-scale mines, while a substantial share of small-scale gold output goes uncaptured through smuggling and non-declaration. When a 2% excise tax plus 5% withholding tax was imposed on small-scale miners' sales to BSP in 2011, BSP purchases collapsed from over 900,000 troy ounces in 2010 to only about 10,000 troy ounces by 2019, and Reuters reported that "as much as 90% of small-scale gold production is smuggled, primarily to China." RA 11256 (2019) restored the tax exemption, but the statistical gap remains.

2025–2026 developments: - BSP operates buying stations in Quezon City, Baguio, Naga, Zamboanga, and Davao, requiring LBMA Responsible Gold Guidance (RGG) documentation. - The pawnshop chain Cebuana Lhuillier (about 3,500 branches nationwide) is being brought on board as an accredited gold trader. - MGB is rolling out MOSS (Mobile One-Stop Shop) across mining regions to simplify registration for small-scale miners and their connection to BSP (2026). - Large-scale miners are also obligated to sell to BSP. OceanaGold Philippines sold 6,684 oz to BSP in 2025, exceeding its minimum commitment of 25% (for March 2025–March 2028). 注Caution regarding "31% of annual production": Didipio's total 2025 gold production was 90,700 oz, of which 6,684 oz is only 7.4%. The 31% figure refers to the share of doré gold production, not total gold production (the remainder is exported embedded in copper concentrate). Confusing this with total gold production leads to an order-of-magnitude error (noted 2026-08-25 during cross-referencing; the same "roughly 31% of annual production" phrasing also appears in field "Mining and Nickel," section 6, and "Small-Scale Gold Mining and Mercury Issues," section 9).

3. Major Operating Gold Mines

3-1. Masbate Gold Project — the country's largest gold-producing mine

Production performance and plans (B2Gold disclosure)

Reserves (latest, as of 31 December 2025, NI 43-101, at a gold price assumption of US$2,000/oz): total 62.9 Mt @ 0.72 g/t = 1.46 Moz (all Probable; no Proven category). Breakdown: North 6.6 Mt @ 0.79 g/t = 170 koz / South 17.3 Mt @ 1.00 g/t = 560 koz / Stockpile 39.0 Mt @ 0.59 g/t = 740 koz. Half of the contained gold is already low-grade material that has been mined and stockpiled. Resources: Indicated 140.9 Mt @ 0.70 g/t = 3.18 Moz / Inferred 40.16 Mt @ 0.72 g/t = 0.93 Moz (resource effective date is 31 March 2026). (Corrected 2026-08-25 during cross-referencing. The earlier entry had primarily cited figures from one year earlier, as of 31 December 2024 — 61,000 kt @ 0.73 g/t = 1,430 koz, at a US$1,750/oz price assumption. That prior-year figure is retained for reference, but the figures above are current. Source: confirmed directly from B2Gold's official Masbate Gold Project webpage on 2026-08-25. Field "Gold Reserves and Deposits," Chapter 6, also states 62.9 Mt @ 0.72 g/t = 1.46 Moz as of 31 December 2025, consistent with the above) Open-pit mining is scheduled to end in 2028, with the mill continuing to process stockpiled ore through 2034 — this "long tail" is a defining feature of Masbate's asset profile. It paid over ₱10 billion in national and local taxes in 2025, and its host municipality of Aroroy was upgraded from a 4th-class to a 1st-class municipality (B2Gold/Manila Times, July 2026).

3-2. Didipio Mine — the country's first FTAA project, gold plus copper

The 2019–2021 suspension and restart: after the FTAA expired in June 2019, renewal stalled, and the provincial governor blocked ore- and materials-hauling trucks; by 2020, 80% of employees had been laid off. In July 2021, the Duterte administration formally granted the renewal and operations resumed. 注 The renewal remains under litigation. It was challenged in the Nueva Vizcaya Regional Trial Court on grounds of lacking prior community consultation; a 2 April 2025 partial ruling ordered pre-trial proceedings on a continuing mandamus while dismissing the petition for certiorari, holding that the renewal was "merely an extension of the original FTAA's term."

Financial and production performance

Reserves and resources (as of 31 December 2025, NI 43-101, assuming Au $2,200/oz and Cu $4.00/lb) - Reserves (Proven + Probable): 41.5 Mt @ 0.85 g/t Au, 0.32% Cu → contained gold 1.13 Moz / contained copper 0.13 Mt - Resources (M&I): 45.2 Mt @ 0.92 g/t Au, 0.35% Cu → gold 1.34 Moz / copper 0.16 Mt - Resources (Inferred): 9.2 Mt @ 0.9 g/t Au, 0.3% Cu → gold 0.3 Moz

The biggest 2026 news: in March 2026, an updated PMRC 2020-compliant mine plan was disclosed to the PSE, extending the mine life from 2035 to 2037 (using a conservative gold price assumption of $2,200/oz). This was followed by OceanaGold's announcement in July 2026, timed to President Marcos's Vancouver visit, of a total investment of US$1.9 billion (some reports cite US$1.96 billion), creating roughly 2,500 direct and indirect jobs. It is being watched as the first major investment decision made under the Philippines' new fiscal regime (RA 12253). Listing: because the FTAA mandates a PSE listing, OGPI listed on 13 May 2024, offering 20% of its shares (₱13.33/share, 456 million shares, about ₱6.08 billion) — the first mining company IPO since 2012. Local business taxes for 2025 totaled ₱397.7 million across three municipalities, with Kasibu receiving the largest share at ₱198.9 million.

3-3. Padcal Mine — the 2012 tailings dam collapse and closure planned for 2028

The August 2012 tailings dam collapse (the country's largest mining disaster) - Heavy rain from typhoons Gener and Ferdie caused Tailings Pond No. 3 to breach, releasing 20.69 million tons of tailings into the Balog and Agno river systems. - Citing the ₱50-per-ton provision of the Mining Act (1995), MGB imposed a fine of ₱1,034,358,971 (about ₱1.03 billion). Philex argued force majeure — that rainfall of 331.80 mm exceeded the 50-year design storm of 234.50 mm — but its appeal was rejected in November 2012, its request for installment payments was also denied, and it paid the fine in full on 18 February 2013. - In June 2014, it paid an additional ₱188.6 million for violations of the Clean Water Act. Philex stated total related costs came to approximately ₱4 billion. - 注 Claims that "Philex never paid, or had the fine reduced" are incorrect. The fine was paid in full.

Recent production and closure

Full-year 2025 core net income was ₱1.071 billion, on revenue of ₱8.854 billion. Q4's realized gold price of $4,338/oz was an all-time high — a textbook example of price fully offsetting a decline in volume. Early 2026 saw reduced output due to damage to the secondary and tertiary crushing plants (Q1 milled 931,000 tons), recovering after repairs in Q2. Closure is planned for 2028. However, confirmatory drilling of an ore body identified in the 1980s has been completed and resource evaluation is underway; an initial extension-feasibility study is expected at the end of 2026 (Philex).

3-4. Siana Gold Project — suspended since a 2024 TSF collapse

• Location: Tubod/Mainit, Surigao del Norte Province (northeastern Mindanao, near Lake Mainit).
• Operator: Greenstone Resources Corp. (GRC), a wholly owned subsidiary of TVI Resource Development Phils., Inc. (TVIRD). TVIRD is 30.66% owned by TVI Pacific Inc. (TSXV: TVI). Originally a project of Australia's Red 5 Limited.
• History: suspended in April 2017 → mill refurbishment and commissioning resumed December 2022 → first doré shipment January 2023 → suspended again August 2023 → restarted on 18 March 2024 at about 2,300 t/d (recovery 83% Au / 50% Ag, head grade 2.00 g/t Au / 12.29 g/t Ag).
• On 11 May 2024, the embankment of tailings storage facility TSF3 failed. The resulting mudflow destroyed homes in the Siana settlement of Mainit and forced 55 households to evacuate; there were no casualties thanks to prior evacuation. GRC attributed the failure to seismic activity (including a M4 event shortly beforehand) and voluntarily suspended operations.
• 注 As of August 2026, formal resumption of operations has not been confirmed (unconfirmed). TVIRD announced in March 2026 that it had passed a Multipartite Monitoring Team (MMT) inspection, but has not announced a resumption of production. The mine has a prior history of being shut down over a TSF4 fissure in 2013–2014.

3-5. Co-O Mine — 注 watch for the frequent mistaken attribution of the operator

注注 The Co-O Mine is not operated by Benguet Corp or Apex Mining. This error appears frequently in Japanese-language articles.

• Location: Rosario/Bunawan, Agusan del Sur Province (east-central Mindanao, north of Davao City).
• Operator: Philsaga Mining Corporation (PMC). Formerly held by Australia's Medusa Mining Ltd; X64 Gold (ASX-listed) now holds an indirect 40% stake in PMC.
• Geology: an intermediate-sulphidation, low-sulfidation epithermal quartz vein system. Developed down to about 500 m below surface (Level 10). Narrow-vein mining (shrinkage/slot stoping). Tenement of 410 km², about 70 km along strike. Processed via CIL.
• Production: reached 100,000 oz/year in 2011, fell to about 60,000 oz as mining moved deeper, then generally exceeded 90,000 oz/year from 2015 onward. FY2016 (June year-end) 108,578 oz; FY2019 102,500 oz (revenue US$129.6 m).
• Recent: Q3 (September quarter) 2025 output was 8,625 oz (from 104,260 dry tons of ore at an average grade of 2.64 g/t), down 9% quarter-on-quarter. PMC attributed this to prioritizing long-term underground development. Ore Reserve stands at 236,000 oz of contained gold (per the 1 August 2025 resource and reserve statement).
• 注 A dispute with the local Co-o Small-Scale Mining Association over 19.98 hectares was resolved on 7 May 2024 when the 23rd Division of the Cagayan de Oro Court of Appeals dismissed the small-scale group's petition on jurisdictional grounds.

3-6. Maco Mine (Apex Mining) — the flagship gold stock on the PSE

• Location: Maco, Davao de Oro Province (formerly Compostela Valley); formerly known as Masara.
• Operator: Apex Mining Co., Inc. (PSE: APX), part of the Enrique Razon group. Its subsidiary Itogon-Suyoc Resources, Inc. (ISRI) holds Sangilo (Itogon) and Suyoc (Mankayan) in Benguet Province.

In H1 2026, both gold and silver sales volumes fell, yet profit rose by nearly 70% (the realized silver price rose +134% to $77.67/oz). Throughput increased 18% to 542,697 t, but grade declined as mining moved into deeper, higher-grade zones (which have yet to be fully accessed). Based on 2025 resource and reserve statements, the mine has reserves sufficient for operations through 2034 at a throughput of 3,000 t/d. Work to expand processing capacity to 3,500 t/d is targeted for completion by the end of 2026. The Tagbaros drainage/ventilation tunnel is providing access to deeper ore bodies. A copper project tied to the acquisition of Asia Alliance Mining Resources — including construction of a processing plant — represents an investment of about US$300 million. Apex was named to Forbes Asia's "Best Under a Billion" list (2026) for the second time.

3-7. Benguet Corporation's Mines

• PSE: BC/BCB. Founded 1903, the oldest mining company in the Philippines. Marked the 75th anniversary of its PSE listing in January 2025.
• Acupan Gold Project (Itogon): suspended in 1992. Reopened in December 2001 under a "contract mining" arrangement with a small-scale miners' cooperative (the Acupan Contract Mining Project, begun January 2002) — the country's first framework combining a large-scale operator with small-scale miners, an important case study in the institutionalization of ASGM.
• Other holdings: Balatoc tailings, Antamok tailings, BOLCO Gold, Ampucao copper-gold, Pantingan copper-gold in Bataan Province, and Surigao coal mines. Balatoc hosts a mining-tourism facility, the Benguet Mines Tourism Village.
• Production and results: gold sales in H1 2025 were about 3,123 oz at an average price of $3,080/oz — a comparatively small scale. The company's earnings are a composite with nickel (13 shipments/709,170 t from Sta. Cruz in H1).
• Full-year 2025: revenue of ₱3.26 bn (+38.4%), net profit of ₱759.79 m (+74.4%). H1 alone saw net profit of ₱623.9 m (vs. ₱267.7 m in the same period the prior year). Secured a 25-year mining contract renewal in 2024.

3-8. Other Operating Mines Worth Knowing

4. Two Major Projects Under Development

4-1. Silangan Project — could it become the country's first new large-scale mine in 2026?

Production plan: initial 2,000 t/d → 4,000 t/d (with an additional $160 m) → 8,000 t/d by Year 9 → up to 12,000 t/d by Year 12. 注Sources disagree on the timeline for reaching 4,000 t/d. This material states "in about 18 months"; field "Copper and Other Metal Resources," section 3-4, states "5 years at 2,000 t/d, then 4,000 t/d starting Year 6." The initial 2,000 t/d and the Year-12 peak of 12,000 t/d are consistent across sources. Confirmation from Philex's official disclosures is needed = unconfirmed. Both versions are presented here rather than dropping either (cross-referenced 2026-08-25). The ore grade is roughly six times that of Padcal, so despite lower tonnage the project is expected to generate more revenue than Padcal. The shifting timeline (an easy source of errors): originally "commercial production in March 2026" (per Chairman Pangilinan) → as of November 2025, "first pour in Q1 2026" → revised in the Q1 2026 earnings release (May) to "within 2026" → revised again at the June 2026 annual shareholders' meeting to "first pour and commercial operations start in Q3 2026" → the latest disclosure, from late July 2026, states that plant commissioning will be completed in Q4 2026 (added 2026-08-25 during cross-referencing; the earlier note had stopped at "Q3," an outdated target left in place. Source: field "Copper and Other Metal Resources," section 3-4/"Gold Institutions, Taxation, and BSP," section 9-2). 注 As of 24 August 2026, whether first pour has actually occurred could not be confirmed (unconfirmed). The company has stated revenue contribution will begin in 2027. Financial position: Q1 2026 saw a core net loss of ₱281 m (versus a core profit of ₱71 m in the same period the prior year); consolidated loss of ₱592 m (due to reduced Padcal output plus a non-cash forex valuation loss on dollar-denominated borrowings). Construction is by EEI Corp.; commissioning is by Ausenco Pty Ltd. This is expected to be the first major mining project to enter commercial production under the Marcos administration.

4-2. Tampakan — one of the largest undeveloped copper-gold porphyry deposits in Southeast Asia

注注 Tampakan's headline figures are Mineral Resources, not reserves. No publicly disclosed JORC-compliant Ore Reserve could be confirmed (unconfirmed). 注 Additionally, this resource estimate dates to end-2011 and has not been updated in nearly 15 years. The figure "2.94 Bt at 0.6% Cu" (found on Wikipedia, among other places) is an error that conflates the older estimate (2.49 Bt @ 0.6%, at a 0.3% cutoff) with the newer one. 注 Both US$5.9 billion and US$1.1 billion circulate as development-cost figures, and it is unclear which scope each refers to (full development vs. an initial phase). Figures like "$200 billion" or "$150–200 billion" represent the gross in-situ value of the metal in the ground — not an investment figure or a profit figure.

The saga of the open-pit mining ban ordinance (a sequence worth knowing well) 1. 2010: South Cotabato Province banned open-pit mining under its environmental code. Since SMI had concluded open-pit mining was the only feasible method, this effectively halted the project. 2. 2015: Glencore (then holding 62.5% of SMI) withdrew, citing regulatory uncertainty. The remaining 37.5% was held by Australia's Indophil Resources NL group, later acquired by Alsons Prime Investments of the Alcantara conglomerate. 3. December 2021: the national government lifted the nationwide open-pit mining ban. However, the provincial ordinance remained, preventing development. 4. May 2022: the provincial legislature (Sangguniang Panlalawigan) amended its environmental code, deleting the open-pit mining ban provision — removing the last regulatory barrier. 5. The target production start date has slipped from "Q4 2026" to 2028. 6. 20 August 2026: the board of Dominion Holdings Inc. (PSE: DHI, linked to the Sy and Consunji conglomerates; formerly BDO Leasing and Finance) approved a merger with Indophil Resources Phils., Inc. and Sonar Holdings Inc., with DHI as the surviving entity (PSE disclosure). The two companies together hold SMI at Indophil 40%/Sonar 31.60% = combined economic interest of 71.60%, 100% of voting rights; on completion of the merger, DHI will gain control of SMI. Authorized capital is being increased from ₱3.42 bn to ₱30 bn. The shareholders' meeting is set for 14 September 2026. The merger ratio will be finalized after an independent valuation. (Corrected 2026-08-25 during cross-referencing. The earlier note gave the date as "19 August" and cited only the "100% voting rights" figure. Source: field "Copper and Other Metal Resources," section 3-5/"Gold and Investment, Japanese Companies," section 10-4/"Comprehensive Review of Underground Resources," section 4-3, all of which give 20 August and the 71.60% economic-interest figure) 7. Market reaction: DHI shares rose over 1,000% in 2026 to ₱15.60 (market cap ₱33.7 bn), with trading briefly halted after the announcement. Alcantara-linked Alsons Consolidated Resources also rose as much as 40%. DHI has also already acquired a 20.43% stake in Atlas Consolidated Mining, with SM Investments set to transfer roughly a 34% stake in 2027 — pointing toward a plan to combine Tampakan and Atlas into the country's largest mining holding company.

注 Opposition continues. The Diocese of Marbel has consistently opposed the project on environmental and food-security grounds, and the 30-year standoff has produced numerous deaths on both sides. In litigation over more than ₱400 million in disputed taxes claimed by the municipality of Tampakan, the Court of Tax Appeals (CTA) has stayed enforcement of a collection order issued by the Koronadal Regional Trial Court.

5. PSE-Listed Companies and the 2025–2026 Gold Price Surge

5-1. Gold price levels (always factor these in)

Silver surged simultaneously (Apex's H1 2026 realized price was $77.67/oz, +134%). Peso weakness (average ₱59.97/US$ in H1 2026, versus ₱57.06 the prior year) also boosted the peso-translated profits of dollar-revenue domestic listed companies.

5-2. The common 2025–2026 pattern: "lower volume, higher price, record profit"

Sector-wide: on 20 August 2026, the PSE's mining and oil sub-index rose 5.04% in a single day, the largest gain of any sector (Apex +9.26% to ₱15.58; Philex +7.32% to ₱10.70). Philex's target share price was raised from ₱2.20 to ₱11.00 over the preceding five quarters. 注 "Rising profit" does not equal "rising production." As the table above shows, nearly every company posted record profits while volumes fell. Any write-up should always separate volume from price.

5-3. Policy: RA 12253 (enacted 4 September 2025)

The Enhanced Fiscal Regime for Large-Scale Metallic Mining Act (Republic Act No. 12253).

The industry has credited this law as "the catalyst that brought the Philippines back as an investable mining destination," with OceanaGold's $1.9 billion investment decision (July 2026) cited as its first concrete proof point.

6. 注 Points to Know or Get Wrong (Full Summary)

1. 注 Do not conflate "reserves," "resources," and "endowment." Tampakan's 17.6 Moz is a resource; Didipio's 1.13 Moz is a reserve. It's natural for the order of magnitude to look different.
2. 注 "World's 2nd-largest gold reserves" has no clear source. As a claim about central bank gold reserves, it is clearly false (around 26th in the world, per Rappler's fact-check). As a claim about underground reserves, it cannot be traced to a primary source.
3. 注 "US$1 trillion in undeveloped minerals" is a rough government-PR estimate of in-situ value — not a JORC/PMRC reserve figure. An MGB official has himself acknowledged it as a "rough estimate."
4. 注 The Co-O Mine is operated by Philsaga Mining (formerly Medusa, now 40% X64 Gold) — not Benguet Corp or Apex Mining.
5. 注 MGB statistics move between provisional and final figures. The same period can show different numbers depending on when it was published — always note "as reported by MGB in [month/year]."
6. 注 The large-scale : small-scale production ratio cannot be stated precisely. "70–80% small-scale" is a PIDS/DENR-EMB estimate; smuggled output is not captured in official statistics.
7. 注 The 2025–2026 profit surge is driven by gold price and peso weakness, not volume. Production has actually been flat to declining.
8. 注 Siana (TSF collapse, May 2024) and Padcal (tailings pond breach, 2012) are two separate accidents. Do not conflate them.
9. 注 Both "operations start March 2026" and "Q3" for Silangan are outdated. The latest disclosure, from late July 2026, states plant commissioning will complete in Q4 2026. Whether first pour has actually occurred remains unconfirmed as of this writing (updated 2026-08-25 during cross-referencing).
10. 注 "Tampakan starts operations in 2026" is also outdated. The current target is 2028, and as of August 2026 a transfer of control to Dominion Holdings is underway.

日本語の詳細版: 分野「鉱業・資源」「主要金鉱山と生産」（本サイト日本語版）。