Philex posts 56% hike in value of ore shipments

MANILA, Philippines - Philex Mining Corp., the country’s largest and most profitable copper-gold producer, registered a 56 percent jump in the value of ore shipped and produced from its Padcal mine in the first seven months of the year on the back of skyrocketing metal prices particularly gold, and increased output.

In a disclosure to the Philippine Stock Exchange (PSE), Philex said production amounted to P9.52 billion during the first seven months of the year compared with only P6.12 billion a year ago.

Philex made eight shipments in the first seven months of the year compared to six in January to July last year, resulting in an 85 percent surge in estimated value to P9.47 billion from P5.13 billion.

Philex president Jose Ernesto C. Villaluna Jr. said the company’s Padcal mine delivered 804,068 dry metric tons (DMT) of ore resulting in 5,659 DMT of concentrates containing 63.34 grams of gold per DMT, 25.46 percent copper, and 59.36 grams of silver per DMT.

This translates to about 11,524 ounces of gold, 3.18 million pounds of copper and 10,801 ounces of silver. Provisional metal prices for the month were $1,621 per ounce of gold, $4.41 per pound of copper, and $39.63 per ounce of silver.

At an exchange rate of P42.14 to the dollar, the estimated value of the month’s production is P1.4 billion, broken down into P787 million from gold, P591 million from copper, and P18 million from silver.

Philex effected two shipments last July, both for Pan Pacific Copper Co. Ltd., amounting to 10,016 DMT of concentrates having an estimated gross value of P2.43 billion.

The concentrates contained about 20,659 ounces of gold, 5.61 million pounds of copper, and 19,665 ounces of silver. At average provisional metal prices of $1,566 per ounce of gold, $4.24 per pound of copper, and $37.72 per ounce of silver, gold content was worth P1.38 billion, P1.01 billion for copper, and P32 million for silver.

Philex chairman Manuel V Pangilinan earlier said that “with the expectation that metal prices will remain strong and the Padcal mine achieving its production goals in the second half, we are anticipating that the Company’s whole year results could again be setting new record levels.”