Philex output from Padcal mine surges 80% to P1.45B in January

MANILA, Philippines - Philex Mining Corp., the country’s most profitable miner, said yesterday the estimated value of minerals produced from its Padcal mine surged 80 percent last month owing to an increase in output and metal prices.

In a disclosure to the Philippine Stock Exchange, Philex said production value to P1.45 billion while total output went up to 766,584 dry metric tons (DMT) of ore compared to 684,459 DMT the previous year-period.

Philex president Jose Ernesto C. Villaluna Jr. said the mine delivered 5,901 DMT of concentrates, containing 72.7 grams of gold per DMT, 24.73 percent copper and 69.04 grams per DMT of silver.

In comparison, Philex disclosed in January last year that its 4,705 DMT of concentrates contained 55.17 grams of gold per DMT, 24.96 percent copper and 57.09 grams of silver per DMT.

The estimated value of last month’s production is based on provisional metal prices of $1,330 per ounce of gold, $4.41 per pound of copper and $27.75 per ounce of silver at the exchange rate of P44.088 to the dollar. This resulted to an estimated gross value of P701 million from gold, P529 million from copper and P14 million from silver.

In contrast, provisional prices in January last year was at $1,081 per ounce of gold, $3.11 per pound of copper and $16.29 per ounce of silver at the exchange rate of P46.743 to the dollar.

Meanwhile, Philex also disclosed that it made its first shipment for the year to Louis Dreyfus Commodities Metals Suisse SA valued at P1.24 billion and containing about 5,084 DMT of concentrates.

The concentrates contain about 11,775 ounces of gold, 2.74 million pounds of copper and 11,509 ounces of silver.

The shipment consisted of P701 million from gold, P529 million from copper and P14 million from silver-based on the average provisional metal prices of $1,347 per ounce of gold, $4.37 per pound of copper and $28.37 per ounce of silver.