Cordillera Administrative Region (CAR) Asset Accounts for Mineral Resources under the Environment and Natural Resource Accounting (ENRA) Project presents estimates on physical and monetary valuation of mineral resources covering the period 2004 to 2016. The UN System of Environmental-Economic Accounting (SEEA) 2012 – Central Framework was used in the accounting of mineral resources.
Copper reserves in metal content posted 10.6 million MT in 2016
- The closing stock of Class A copper in metal content posted the highest in 2010 at 18.2 million MT while the lowest was recorded in 2005 at 10.2 million MT. The stocks generally exhibited a downtrend and decreased by an annual average of 1.6 percent or 78,861.9 MT from 11.6 million MT in 2004 to 10.6 million MT in 2016.
Table 1. Extraction, Closing Stock and Mine Life of Class A Copper Reserve
in Metal Content, CAR: 2004-2016
in Metal Content
(in thousand MT)
in Metal Content
(in thousand MT)
- For the 13-year accounting period, the level of extracted copper in metal content amounted to 21.8 million MT. The largest mass of extraction was recorded in 2007 at 2.1 million MT; while the lowest extraction was in 2012 at 1.0 million MT. An annual growth in the level of extraction by 2.3 percent or 6,316.9 MT annual increment was recorded from 1.6 million MT in 2004 to 1.7 million MT in 2016.
- It was estimated that it would take an average of eight years for the cooper reserves to be depleted. The estimated mine life ranges from six years, as determined for the years 2005, 2008 and 2016, to as long as 11 years for 2010.
- From 2004 to 2016, the 112.8 million MT total copper ore extracted yielded 21.8 million MT of copper metal content. This denotes an average ratio of 0.2 MT of copper metal content for every ton of copper ore.
Table 2. Monetary Valuation* of Closing Stock, Class A Copper Reserve, Extraction,
Additions to stock posted the highest in 2006 at 6.7 million MT
- The biggest additions to stock of class A copper was posted in 2006 at 6.7 million MT when the reserve went up by 47.3 percent due to upward reappraisal. The least incurred addition to the total reserve was recorded in 2012 which amounted to 204,266.8 MT of copper in metal content.
In terms of reductions of stock, the highest was recorded in 2008 at 4.0 million MT with 57.1 percent or 2.2 million MT due to downward reappraisals. The minimum was in 2012 with 1.0 million MT of copper in metal content. From 2004 to 2016, the total estimated reductions amounted to 26.7 million MT.
Figure 1. Closing Stock and Changes in Stock of Class A Copper
Reserve, Metal Content, CAR: 2004-2016 (in thousand MT)
Class B and Class C copper reserves recorded the highest metal content in 2007
- The annual average increase of copper reserve in metal content for both Class B and C was 0.1 percent. The changes over the years were only due to the declared ore grade and milling recovery.
It was in 2007 where the metal content of Class B and C recorded the highest with 12.8 million MT and 58.1 million MT, respectively. Also, it was during this year that ore grade registered the highest at 27.6 percent and milling recovery produced the highest at 84.4 percent.
Table 8. Summary Closing Stock of Class B and C Copper Reserve, Metal Content,
CAR: 2004-2016 (in thousand MT)
Class C had the highest share to the total stock of copper reserve in metal content
- Class C copper in metal content had the highest percentage share to the total stock.In 2005, Class C shared as much as 71.2 percent or 54.8 million MT.
- Class B was highest in 2005 and in 2016 with 15.6 percent of the total stock.
- Class A yielded the highest in 2010 with 20.9 percent or 18.2 million MT of the total volume. The least share for Class A copper was in 2005 with only 13.2 percent or an equivalent of 10.2 million MT in metal content.
Figure 2. Share of Class A, B and C Copper Reserve to the Total
Stock, Metal Content, CAR: 2004-2016 (in thousand MT)