Copper and Other Metal Resources in the Philippines — Copper, Chromite, Iron, Manganese, Zinc and Lead, Molybdenum, Cobalt

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

0. Three-line summary

• The Philippines is often described as having "the world's 4th-largest copper reserves," but in terms of mine production it ranks only 28th in the world (2023, BGS). Always check exactly which metric is behind a "ranking" claim.
• The country's only copper smelter, PASAR (Isabel, Leyte), halted operations in February 2025. The Philippines has reverted entirely to a structure of "exporting concentrate and importing refined metal."
• Entering 2026, two developments that will shape the next decade are underway: a corporate restructuring around Tampakan (consolidation into Dominion Holdings) and a delayed startup at Silangan.

1. How to read "mineral resource numbers" — the essential first step

This is the area where Japanese-language articles contain the most errors. Do not conflate the following.

1-1. "Reserves," "resources," and "endowment" are different concepts 注

注 The "X billion tons of copper" figures published by the Philippine government (MGB) or investment-promotion materials are almost always endowment- or resource-based. They should not be compared on the same footing as a company's JORC or NI 43-101 reserve figures.

1-2. Differences in reporting standards

1-3. Always check the metric behind any "world's Nth" claim

Even for the same metal, "copper," the ranking by ore tonnage, by contained-metal content, by the value of reserves, and by production volume are all completely different things.

注 A common set of claims — "copper is 4th in the world, nickel 5th, gold 3rd, chromite 6th" — is standard in Philippine domestic media and government materials but does not match USGS or BGS statistics. It is often explained as an "ore-tonnage-based endowment ranking," but the basis for the calculation could not be confirmed as of this writing (unconfirmed). When introducing this in Japanese, it should always be noted as "a claim made by the Philippine government."

2. Copper: the actual scale

2-1. Official statistics (Philippine Statistics Authority, PSA, "Mineral Accounts")

Within the SNA (System of National Accounts) framework, the PSA publishes annual figures for Class A reserves — commercially recoverable reserves backed by concrete development plans or actual operations. This is the most clearly defined "reserves" figure available for the Philippines.

注 The PSA's Class A copper reserve figure is "4.14 million tons." This is three orders of magnitude different from the "1.14 billion tons" or "4.41 billion tons" figures commonly seen in investment-promotion materials. The former is thought to be on a commercial-reserve, metal-content basis, and the latter an ore-based endowment figure. Citing this without checking the unit and definition leads to a serious error.

2-2. Production trends (MGB statistics)

MGB (Mines and Geosciences Bureau) publishes copper concentrate in DMT (dry metric tons). Note that this is not on a metal-content basis.

Volume peaked in 2024 and has since declined. On the other hand, since copper prices are at record highs, the decline in value has been much less severe than the decline in volume. This is the basic dynamic of the Philippine copper sector in 2025–2026.

For reference, total metallic mineral production value was ₱219.742 billion (+14.8%) in Jan–Sep 2025, and ₱82.78 billion (+28.6%) in Jan–Mar 2026 (both MGB). The driver has been gold, not copper.

注 Two different figures circulate for full-year 2024: "total mining production value of ₱316.29 billion" (Chambers Global Practice Guides, "Mining 2026," citing MGB) versus "metallic mineral production value of ₱252.9 billion." The former is understood to include non-metallic minerals and mining overall, and the latter metals only, but the source materials do not explicitly state this distinction (unconfirmed).

(Reinforced in the 2026-08-25 cross-check) This reading holds up arithmetically. If gold's 2023 figure of ₱106.64 billion was "42.82% of total metals" (per the "Major Gold Mines and Production" field article, §1-1), total metals would be about ₱249.0 billion. Metals for Jan–Sep 2025 came to ₱219.74 billion (versus ₱191.42 billion in the same period the year before); annualized, 2024 full-year metals would be in the ₱250-billion range. If ₱316.29 billion is treated as "metals," gold's 2024 figure of ₱126.36 billion would represent only about 40% of the total, which does not match MGB's own account that "gold accounted for roughly half of metals and took the lead in 2024." The field articles "Gold Reserves and Deposits" §3-3 and "Rare Earths and Strategic Minerals" §5 had previously labeled ₱316.29 billion as "metallic mineral production value" in an earlier version; this was corrected on the same day.

2-3. Global market context (2025–2026)

3. Major copper mines and projects

3-1. Toledo/Carmen mine (Carmen Copper Corporation, Atlas Consolidated)

• Located in Toledo City, Cebu. Collectively called the "Toledo copper mine," comprising the Carmen, Lutopan, and Biga ore bodies. Mining claim area of 1,674 ha (Atlas's total landholding is 5,218 ha). MPSA No. 210-2005-VII (Carmen) and others.
• Undergoing a 3-year redevelopment program, targeted for completion by mid-2026 (some reports say Q3 2025).
• Q1 2025: copper concentrate of 26,000 DMT (down 19% year-on-year). Despite this, higher metal prices pushed net income to ₱645 million (versus a net loss of ₱404 million in the same quarter the year before) (Atlas disclosure/press reports).
• In August 2025, a 4.99 MW floating solar array (3 ha) began operating on the Malubog reservoir within the mining claim, supplying about 10% of the site's power needs, with a plan to expand to as much as 50 MW (Atlas announcement; the Philippines' first such installation).
• Its export destinations are smelters in China, Japan, and South Korea. In addition to copper concentrate, it treats gold and silver as major by-products, and is pursuing commercialization of molybdenum, magnetite, and pyrite (Atlas's 2024 Integrated Report).
• 注 Atlas issued a statement regarding November 2025's Typhoon Tino (international name Kalmaegi) and the flooding it caused in Cebu, which could affect operations. A quantitative impact could not be confirmed.

3-2. Padcal (Philex Mining)

• Located in Tuba, Benguet. MPSA No. 276-2009-CAR. Began operating in 1958, making 2026 its 68th year — one of the country's oldest mines.
• In December 2024, its mine life was extended by one year, from end-2027 to end-2028. This came from recovering pillars at the 760ML level and crediting recoveries above 100% from existing drawpoints toward additional recoverable reserves. Employment for its 1,879 workers continues (Philex announcement).
• 注 In Q1 2026, processed ore volume fell 42% due to a structural failure in the secondary/tertiary crushing plant. Philex posted a core net loss of ₱281 million and a consolidated loss of ₱592 million. Repairs have since been completed, and the company says it can sustain operations for the rest of 2026 (Philex disclosure/press reports).

3-3. Didipio (OceanaGold)

• A technical report filed in 2026 extended the mine life through 2037, based solely on year-end-2025 mineral reserves at a US$2,200/oz gold price assumption (OceanaGold).
• Its ownership interest has been 80% since May 13, 2024 (the remaining 20% of the local holding company was listed on the Philippine Stock Exchange).

3-4. Silangan (Philex) — the country's first planned copper cathode production

• Located in Tubod, Surigao del Norte. Comprises the Boyongan, Bayugo, and Kalayaan ore bodies. Operated by Silangan Mindanao Mining (SMMCI, 100% owned by Philex).
• The product will be "copper cathode + gold doré," not copper concentrate. Producing cathode directly from ROM ore via leaching would be a first for the Philippines. BOI registration grants a 6-year income tax holiday on copper cathode revenue (extendable by 2 years under certain conditions).
• Production plan: Phase 1 at Boyongan begins with an initial 2,000 t/day → 12,000 t/day (4 million t/year) by year 12. 注The mid-stage figures differ between sources. This article states "2,000 t/day for 5 years → reaching 4,000 t/day (about 1.3 million t/year) in year 6," while the "Major Gold Mines and Production" field article (§4-1) states "reaching 4,000 t/day (with an additional US$160m) in about 18 months → 8,000 t/day by year 9 → 12,000 t/day by year 12." The initial 2,000 t/day and the final 12,000 t/day (year 12) agree between both articles, but the timing of reaching 4,000 t/day differs sharply — "year 6" versus "18 months." Confirming this against Philex's own official disclosure is needed — currently unconfirmed. Both accounts are retained rather than dropping either one (2026-08-25 cross-check). Total investment for construction plus ramp-up is about $1 billion (roughly ₱18 billion, or about $240 million, already invested).
• The startup has repeatedly slipped.

• 注 As of August 24, 2026, no official announcement has been confirmed of the first copper-cathode output or commercial production start. Philex says the process plant is being handed over in stages from EEI Corp., with Ausenco Pty. Ltd. as lead consultant proceeding step-by-step with commissioning. The company itself says revenue contribution will begin in 2027.

3-5. Tampakan (Sagittarius Mines) — a world-class porphyry copper-gold deposit that keeps stalling

Why it has stalled (timeline)

Resources 注

The description "one of the world's leading undeveloped porphyry copper-gold deposits" / "Southeast Asia's largest undeveloped copper-gold deposit" is itself consistent across multiple independent sources. For the resource figure, the JORC 2004-edition estimate as of end-December 2011 — 2.94 billion t at 0.51% Cu, 0.19 g/t Au — is the only published value with a clearly identifiable basis, and no JORC/NI 43-101 resource update for 2025–2026 could be confirmed (unconfirmed). When introducing this in Japanese, it should be clearly labeled "a JORC 2004-edition resource (not a reserve) as of end-2011." (Corrected in the 2026-08-25 cross-check. An earlier version of this article had stated that "neither the reporting standard, the publisher, nor the base year could be identified," but the related field articles "Major Gold Mines and Production" and "A General Study of Underground Resources" had in fact identified the standard and the date.)

The biggest news of 2026: consolidation into Dominion Holdings

• Per a Philippine Stock Exchange disclosure dated August 20, 2026, Dominion Holdings Inc. (DHI) is absorbing Indophil Resources Phils. Inc. and Sonar Holdings Inc. (with DHI as the surviving entity).
• Indophil directly holds 40% of SMI, and Sonar 31.60%, for a combined 71.60% economic interest and 100% of the voting rights.
• DHI is increasing its authorized capital from ₱3.42 billion to ₱30.0 billion. A shareholders' meeting is set for September 14, 2026. The share-exchange ratio will be determined after an independent valuation.
• Background: the structure has the Sy conglomerate (SM Investments) taking the lead, the Consunji family (DMCI Holdings) handling the practical side of mine operations, and the Alcantara group as a minority shareholder. In March 2026, Isidro A. Consunji became DHI Chairman (his predecessor, SM's Frederic C. DyBuncio, remains as President).
• DHI will thereby hold both of the country's two largest copper-gold assets — Cebu's Atlas (Consolidated) (54.48% held by the Sy side) and Tampakan — positioning it to become the "largest mining company in the Philippines."
• 注 However, as of mid-2026, Tampakan's Environmental Compliance Certificate (ECC) has not yet been issued. A certiorari petition to void the FTAA extension, brought by Bishop Cerson Cascas of the Diocese of Marbel and others, also continues, and the project area overlaps with B'laan and other indigenous ancestral domains. "Production start in 2028" remains, for now, solely the operator's own target.

3-6. King-king (Pantukan, Davao de Oro)

• Mining claim: MPSA No. 009-92-XI (approved May 27, 1992, revised 2002, 2,976 ha), in the town of Pantukan. Its DMPF (Declaration of Mining Project Feasibility) and ECC have already been obtained.
• Ownership structure: Kingking Mining Corporation is held by St. Augustine Gold & Copper (TSX: SAU) at 40%, Nadecor at 40%, and Queensberry Mining and Development (linked to the Villar family) at 20%. The importance here is that the Villar family, which is acquiring PASAR, also has upstream involvement in King-king.

• Economics of the 2025 PFS (preliminary feasibility study, prepared by M3 Engineering): an after-tax NPV(7%) of $4.18 billion, IRR of 34.2%, initial capex of $2.37 billion, mine life of 38 years, payback of 1.9 years, and a strip ratio of 0.81. Lifetime production of 4.4 billion lb (2 million t) of copper and 6.9 million oz of gold. The first 5 years would average 284 million lb of copper and 333,000 oz of gold per year.
• In October 2025, the board approved moving forward to a DFS (definitive feasibility study), led by Stantec, with IMC handling mine planning and resource estimation. Target completion is Q4 2026. Under consideration: introducing chloride leaching for low-grade sulfide stockpiles, improving grinding-circuit efficiency, and shortening mine life to 21–25 years (i.e., increasing throughput).
• 注 Historically, this project has had frequent ownership disputes — an internal control fight within Nadecor (2011–2013), and its inclusion on a 2017 DENR list recommending MPSA cancellation, among others. It overlaps with indigenous Mansaka ancestral domain, and local opposition movements continue.

4. Smelting capacity: PASAR's shutdown and the reversion to "exporting concentrate, importing refined metal"

4-1. What PASAR is

4-2. The February 2025 shutdown

• Production halted in early February 2025 (market sources, SMM, February 6). PASAR issued an official statement on February 24 (local Monday), saying it would move into "care and maintenance" mode, citing "ongoing evaluation of operations and difficult market conditions" (Reuters, February 25, 2025).
• The direct cause was the historic collapse of TC/RCs (treatment and refining charges).

注 A negative TC/RC means the smelter is paying the mine to process its concentrate. This resulted from a global surge in smelting capacity (especially in China) combined with concentrate shortages tied to mine-side troubles, and is not a problem unique to PASAR. China's government has suspended new smelter-construction approvals, and major Chinese smelters have also cut output.

4-3. Ownership transfer (Glencore → the Villar family)

• December 2024: reports that Glencore was considering a sale.
• July 8, 2025: Bloomberg reported that Glencore agreed to sell to the Villar family (led by Manny Villar Jr.). Glencore positioned this as part of a global restructuring consolidating Canadian (Quebec) copper assets and US recycling facilities under its zinc-smelting division.
• 注 As of August 24, 2026, the deal's formal closing and any restart timeline could not be confirmed in publicly available materials (unconfirmed). This remains at the stage of speculation that it will "restart once market conditions improve."
• Strategic significance: the Villar family also has upstream operations through St. Augustine Gold & Copper (King-king), Queensberry Mining, and Nationwide Development Corp. (Nadecor), raising the prospect of vertical integration — processing its own mines' concentrate at its own smelter. If Tampakan is developed, its feedstock supply would become even more secure.

4-4. What the shutdown means — a reversal of structure, and the local economy

(a) Trade structure

• Following the shutdown announcement, an estimated 240,000 tons of annual concentrate supply was reportedly redirected from the Asian market toward China (industry analysis).
• 注 98% of refined copper (cathode) imports by value come from Japan (2020–2024, OEC). This dependence is likely to strengthen further as a result of PASAR's shutdown. The Philippines' total copper (HS Chapter 74, etc.) import value was $1.31 billion in 2025 (UN COMTRADE, updated June 2026).

(b) Blow to the local economy

NEDA's regional office (Director Meylene Rosales) has argued the region "over-depended on PASAR," calling for diversification of manufacturing. The Regional Development Council (RDC) is drafting mitigation measures.

注 The fact that the shutdown of a single smelter knocked roughly 5 points off one region's growth rate is worth remembering as a textbook example of how the Philippine regional economy can depend on a single large-scale enterprise.

5. Chromite — a once-great producer, present day

5-1. History: the Masinloc/Coto mine, Zambales

• The Zambales Ophiolite ultramafic body is Alpine-type, hosting podiform (lens-shaped) chromite deposits within peridotite and dunite. Known resources (including already-mined amounts) total about 15 million tons (USGS).
• Discovered around 1925–1926, with production beginning in the 1930s. From 1934, Benguet Consolidated operated the mine under contract to Consolidated Mines Inc., eventually expanding capacity to 3,800 t/day of run-of-mine ore.
• A 1958 Geological Society of America (GSA) Bulletin describes the Masinloc (Coto) mine as "the world's largest producer of refractory-grade chromite ore."
• The US relied on the Philippines for 80–90% of its refractory-grade chromite imports, and America's own basic-refractory technology was itself designed around the properties of Coto's high-alumina chromite (USGS).

5-2. Refractory-grade vs. metallurgical-grade 注

The two are spatially separated, and are thought to have crystallized from distinct parent magmas (Mineralium Deposita, 1986). 注 Current MGB statistics do not distinguish refractory grade from metallurgical grade. That classification was used mainly in 20th-century reports.

5-3. Current production levels

• Only 4 chromite mines were operating nationwide as of June 2025 (MGB) — small compared with nickel's 38, gold's 11, and iron's 4.
• Major operators (MGB 2024 statistics):

• Taganito HPAL (THPAL) has produced chromite commercially as a by-product since April 2021 (recovered from the nickel-cobalt mixed sulfide process). It decided in 2017 to build a recovery plant, and began producing concentrate in March 2021.
• 注 The claim that "the Philippines is one of the world's leading chromite producers" is now incorrect. The current world's largest producer is South Africa, with global consumption at roughly 60 million tons (2024). "Once the world's largest refractory-grade producer" is the accurate description.
• The PSA's Class A chromite reserves stand at 66.29 million MT (2025), so a substantial resource base remains. The production slump is less about resource depletion than about shifts in price, demand, and refractory technology.

6. Other metals

6-1. Iron ore

注 More than 90% of the Philippines' iron-making feedstock is imported, so domestic magnetite sand plays only a limited role.

6-2. 注 Manganese, zinc, and lead — commercial production is effectively zero

• Of the 60 operating metallic mines as of June 2025, the breakdown was nickel 38, gold 11, chromite 4, iron 4 (plus copper). Not a single manganese, zinc, or lead mine was among them (MGB).
• USGS's list of Philippine mineral commodities produced in 2024 (chromium, copper, gold, iron ore, perlite, scandium, silver, steel, zeolite) also does not include manganese, zinc, or lead.
• These exist as endowments only: the (dormant, with no restart plan) manganese mine on Siquijor Island, and the manganese deposit at Gabaldon, Nueva Ecija (said to be more than 50% Mn, at about 4 million tons, but undeveloped and with even trading information now stale).
• 注 The characterization "the Philippines is a zinc/lead resource country" describes endowment, not production. The standard boilerplate phrase in investment-promotion materials — "$1 trillion in undeveloped copper, gold, nickel, zinc, and silver reserves" — falls into this same category.
• Manganese is mentioned by the government only at the stage of being a "future exploration target," alongside cobalt, copper, and nickel.

6-3. Molybdenum

• Recoverable as a by-product of porphyry copper deposits. Atlas/Carmen Copper has stated an intent to commercialize molybdenum, magnetite, and pyrite (2024 Integrated Report).
• 注 At the national statistical level, molybdenum production does not appear as an independent line item in MGB's metallic mineral production tables (unconfirmed). Whether commercial shipments have actually begun could not be confirmed from published materials.
• Market conditions are favorable: the IMF's molybdenum spot price stood at US$65,503/t as of May 2026 (up 48.9% year-on-year), having risen from roughly $20/lb toward nearly $30/lb. FOB China molybdic oxide was US$33.70/lb on June 1, 2026. IMOA/Antaike forecast a supply-demand shortfall of 44,300 tons in 2026.
• Higher copper prices give copper mines an incentive to boost output, which also increases the supply of by-product molybdenum, but as of 2026 supply is not keeping up with rising demand.

6-4. Cobalt — a by-product of nickel HPAL

Nearly all of the Philippines' cobalt comes from two HPAL (High Pressure Acid Leach) plants.

• The product is a "nickel-cobalt mixed sulfide (MS)," which is exported to Sumitomo Metal Mining's Niihama Nickel Refinery (Ehime Prefecture, Japan) and its Harima Works, where it is refined into electrolytic nickel, electrolytic cobalt, nickel sulfate, and other products used in EV battery materials.
• THPAL has been diversifying its by-products, achieving the Philippines' first commercial scandium production in 2019 and beginning commercial chromite production in April 2021.
• MGB's statistical category "mixed nickel-cobalt sulfide":

• According to USGS, the Philippines ranked 7th in the world for cobalt mine production in 2024, at about 1.0% of the world total.
• 注 A distinguishing feature of the Philippines is that cobalt is a by-product of nickel, not of copper. This is fundamentally different from the sediment-hosted copper deposits of the Democratic Republic of Congo or Zambia. Consequently, Philippine cobalt supply moves in step with nickel prices and nickel ore supply.

7. Export destinations and the impact of price swings

7-1. Export destinations for copper ore/concentrate

注 There is more than a twofold gap between the 2024 and 2025 export values to China. This cannot be explained by the volume decline alone (copper concentrate down 7.8%). This may reflect differences in how the statistics were compiled (reporting country, product code), or one figure may simply be wrong. Both are presented here, and both should be treated as "needing verification" (unconfirmed).

Structurally, the ordering — China dominant by volume (more than 10 times Japan's), followed by Japan, then South Korea — is consistent across multiple sources. Carmen Copper is described as shipping to "smelters in China, Japan, and South Korea," while other reports describe "nearly all exports going to China."

7-2. The flow of refined copper (cathode)

7-3. The impact of price swings

An important asymmetry: even when copper prices rise, treatment/refining charges (TC/RC) are set by concentrate supply and demand, so a copper price surge does not rescue smelters. If anything, excess smelting capacity combined with a concentrate shortage pushed TC/RCs down, hitting a standalone smelter like PASAR directly. The seemingly contradictory phenomenon of "copper smelters collapsing even as copper prices soar" needs to be understood on its own terms.

8. Policy environment (2025–2026)

8-1. Republic Act No. 12253 (the fiscal-reform law for large-scale metallic mining)

注(Amendment status confirmed 2026-08-26) RA 12253 amends the National Internal Revenue Code (RA 8424), not the Mining Act (RA 7942). Its official title is "…Amending for the Purpose Sections 34(B), 287, and the Subjects of Title VI and Chapter VII Thereof, and Creating New Sections 151-A, 151-B, 151-C, 151-D, and 287-A, All Under Republic Act No. 8424…" RA 7942 is cited only as the source of definitions such as "mineral agreement," "FTAA," and "metallic mining contractor." The substantive royalty provision is the newly created Section 151-A of the NIRC, inserted by Section 6 of RA 12253 (not "Section 151-A of RA 12253"). (Source: lawphil.net, ra_12253_2025, full text)

Practical implication: while government's take rises during high-price periods, ring-fencing now means a producing mine's profits can no longer offset losses at a new development project. This affects financing plans for large new projects like Silangan and Tampakan.

8-2. A ban on raw-ore exports has been "shelved"

• On February 3, 2025, the Senate passed SB 2826 on third reading. It would have banned raw-ore exports five years after signing (proposed by Senate President Escudero, modeled on Indonesia's 2020 nickel-ore export ban).
• In June 2025, the bicameral conference committee removed the export-ban provision. Both chambers approved this (with Sen. Hontiveros the lone dissenting vote in the Senate). The Chamber of Mines of the Philippines (COMP) and the Philippine Nickel Industry Association (PNIA) had both supported the fiscal reform but opposed the export ban.
• 注 Therefore, as of August 2026, there is no ban on exporting raw ore (copper concentrate, nickel ore, chromite) from the Philippines. The government has shifted course away from a ban and toward investment incentives and attracting processing plants.
• In March 2026, the DTI began lobbying to join the US-led critical minerals framework, proposing measures such as price floors for midstream processed products.

9. 注 Points that trip people up (summary)

10. Unconfirmed / to-be-verified items

• The reporting standard, publisher, and base year behind Tampakan's "2.94 billion tons at 0.6% copper" resource figure (whether it is JORC-compliant)
• The calculation basis and original source for claims such as "world's 4th-largest copper reserves" and "world's 6th-largest chromite"
• The consistency of copper ore/concentrate export values to China (over $1 billion in 2024 vs. $424 million in 2025)
• PASAR's formal sale closing date and restart timeline
• Whether Silangan's first metal pour has actually occurred (no official announcement could be confirmed as of August 24, 2026)
• MGB's full-year 2025 metallic mineral production statistics (as of August 2026, this article could only confirm Jan–Sep figures of ₱219.742 billion as the latest)
• The definitional difference between "total mining production value of ₱316.29 billion" and "metallic mineral production value of ₱252.9 billion" for 2024
• Whether there is any actual commercial molybdenum shipment record in the Philippines
• The quantitative impact of Typhoon Tino (November 2025) on Carmen Copper's operations

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