Philex output from Padcal mine rises 13.6% to P5.16 billion in first half

MANILA, Philippines - Philex Mining Corp. registered steady growth in the first half of the year with the value  of ore produced from its Padcal mine in Benguet rising 13.6 percent, the company said  yesterday.

Mineral production reached P5.16 billion from P4.54 billion in the same period in 2009,  boosted by higher metal prices and higher output. Based on its disclosure to the  Philippine Stock Exchange (PSE), ore output improved 7.7 percent to 4.46 million dry

metric tons from 4.05 million DMT in the same period in 2009. On the other hand, ore  shipments for the first seven months of 2010 amounted to P5.13 billion, up 12.2 percent   from the estimated value of P4.57 billion worth of shipments a year earlier. The estimated value of shipments this year grew even though Philex made only six shipments this year  amounting to 30,058 DMT of ore, compared to seven shipments in January to July 2009amounting to 35,048 DMT.

For the month of June alone, Philex president Jose Ernesto C. Villaluna Jr. said gold  production reached 9,832 ounces while the mine also yielded 2.73 million pounds of  copper and 9,806 ounces of silver. During the month, the Padcal mine delivered 751,244 DMT of ore resulting in 4,953 DMT of concentrates containing 61.55 grams of gold per  DMT, 24.96 percent copper and 61.57 grams of silver per DMT.

The estimated value of the month’s production was based on provisional metal prices of  $1,242 per ounce of gold, $2.96 per pound of copper, and $18.74  per ounce of silver at the exchange rate of P46.31 to the dollar. At these prices, the provisional value of the  mine output for June 2010 amounted to P947 million consisting of P566 million from  gold, P373 million from copper and P9 million from silver. Meanwhile, Villaluna said Philex effected its Pan-Pacific shipment last July 2 containing about 9,591 ounces of   gold from 4,972 DMT of concentrates.

It also included 2.69 pounds of copper and 9,591 ounces of silver as other products.  

Based on provisional metal prices, he said the shipment has an estimated value of P930  million consisting of P552 million from gold, P370 million from copper and P8 million from silver.