The increase was due to production efficiency improvements.
PASAR announced that it also increased its production of anodes or unrefined copper by 2.7 percent to 122,051 MT as of end-July.
According to PASAR president Bruce Anderson, "we are happy to be on track with our targets. As we continue to improve efficiency and implement de-bottlenecking, we are confident that we will be able to achieve our production forecasts for the year."
PASAR aims to further improve its refined copper output by 3.6 percent to 182,500 MT this year, while anode production is projected to rise 2.2 percent to 221,935 MT this year.
PASAR is the country’s only copper smelting and refining firm and is one of the biggest in Asia.
The copper cathodes produced by PASAR are among the top 10 export products of the Philippines.
Copper cathodes are used in the manufacture of electronics.
PASAR is majority-owned by a consortium comprised of Swiss metals firm Glencore International AG and local investors.
The consortium acquired 90 percent of the government’s shareholdings and all its receivables in PASAR via a competitive bidding in 1999.
Glencore announced earlier that it was investing an additional P2.86 billion into PASAR for the expansion of its copper smelter and refining plants in Isabel, Leyte.
The expansion program covers an increase in the capacity of the smelter to 720,000 metric tons per year (MTPY) copper concentrates from the current 600,000 MTPY and an increase in the nameplate capacity of the refinery to 215,000 MTPY cathode from the current 172,500 MTPY.
The expansion project will not only improve the performance of the plants but will also allow greater protection for the environment.
Export of copper cathodes by PASAR rose by 29.2 percent to $140.7 million (P7.71 billion) in the first quarter of 2005 from $108.9 million (P6.11 billion) for the comparative period last year.
The plant’s increased production in 2005, coupled with high copper prices during the first quarter of the year, contributed to the increase in the value of PASAR’s cathode exports.
Sales in units in the first three months reached 42,041 MT, up by 2,507 MT from first quarter of last year.
Export of PASAR’s by-products – gold, silver, and selenium – was also up in the first quarter.
Gold and silver exports have increased as the plant processed additional semi-finished materials.
Selenium export sales was up on account of increased sales prices.
For full year 2005, PASAR forecasts copper cathode exports of $513.7 million (172,600 MT), about five percent higher than last year, which is attributable to increased production and higher selling price.
Projected total export receipts including that of by-products is estimated at $709.7 million versus 2004’s $675.8 million.
PASAR smelts and refines copper concentrates into electrolytic copper cathodes, which are 99.99 percent pure copper.
The PASAR brand copper cathode is registered as Grade A in the London Metal Exchange (LME) and as Copper I in the Commodity Exchange (COMEX) Division of the New York Mercantile Exchange (NYMEX).
The PASAR brand is also registered in the Shanghai Futures Exchange.