MANILA, Philippines — Earnings of Philex Mining Corp. reached P329.43 million in the first half, 53 percent lower compared to the P704.14 million recorded in the same period last year.
In a disclosure to the Philippine Stock Exchange yesterday, Philex said that its core net income slid by 42 percent to P410.34 million in the January to June period from P701.52 million in the same period in 2023.
Revenues of the mining firm declined by 4.6 percent to P3.97 billion in the first semester from P4.16 billion in the previous year.
Total tonnage milled for the first half reached 3.27 million tons, down from 3.53 million in the same period last year.
By metal type, gold output from January to June was at 15,765 ounces, while copper output was at 9.802 million pounds.
Philex said average gold prices in the second quarter were higher at $2,008 per ounce compared to the $1,937 per ounce in the same period last year, but slightly lower than the $2,061 in the first quarter of the year.
Copper prices for the second quarter reached $4.45 per pound, up slightly from the $4 per pound in the previous quarter and the $3.82 per pound in the second quarter of 2023.
The mining company’s costs and expenses rose 3.9 percent to P3.47 billion in the first half from P3.34 billion in the same period last year.
Philex said it continues to have a positive outlook on future performance, citing the development works at the Silangan project in Surigao del Norte.
“Acceleration to commercial operations of the Silangan project will be foremost of our priorities and we are targeting to have our first metal output before the end of 2025,” Philex president and CEO Eulalio Austin Jr. said.
Mine development including the tunnel leading to the Boyongan ore body is approaching the final phase, while construction of the tailings storage facility is in full swing.
Construction works on other ancillary facilities such as ventilation shaft at the underground mine are also underway.
“As soon as we reach the Boyongan ore body during the end of this third quarter, we will start the block development works of the first production level, and thereafter, we will be seeing the first ore coming from the Boyongan ore body,” Austin said.