Philex output up 13% in first quarter to P2.5 billion

MANILA, Philippines - Philex Mining Corp. said the value of ore produced from its Padcal mine reached P2.5 billion in the first quarter this year, up 13 percent from P2.22 billion a year earlier, on higher output and improving metal prices.

In a disclosure to the Philipine Stock Exchange, Philex said it shipped copper and gold concentrates with an estimated value of P799 million last month or an increase of 24 percent from  P644 million in the same period last year.

According to Philex president Jose Ernesto C. Villaluna Jr., the Padcal mine has produced 2.11 million dry metric tons of ore, slightly higher than the 2.09 million DMT produced in the first quarter last year.

For March alone, the country’s biggest gold and copper mining firm produced P924 million of ore, equivalent to  8,730 ounces of gold, 2.94 million pounds of copper and 9,122 ounces of silver. 

It delivered 776,583 DMT of ore resulting in 5,463 DMT of concentrates containing 49.13 grams of gold per DMT, 24.37 percent copper and 51.9 grams of silver per DMT.

Last month’s output is broken down into P442 million for gold, 475 million for copper and P7 million for silver.

The value of last month’s production was based on provisional metal prices of $112.50 per ounce of gold, $3.55 per pound of copper and $17.50 per ounce of silver at the exchange rate of P45.524 to the dollar.

Meanwhile, Philex shipped last April 1 some 5,024 DMT of concentrates containing about 7,872 ounces of gold, 2.67 million pounds of copper and 8,302 ounces of silver.

Villaluna said the shipment has an estimated value, based on provisional metal prices, of P799 million consisting of P403 million from gold, P391 million from copper, and P6 million from silver.