Philex metal shipments jump 20%

Manila, Philippines -  Philex Mining Corp., the country’s most profitable miner, said the estimated value of its shipments grew 20 percent in the first four months of the year to P4.33 billion.

In a disclosure to the Philippine Stock Exchange, Philex president Eulalio B. Austin Jr. said the firm effected two shipments in April with an estimated gross value of P2.06 billion.

The two shipments amounting to 10,013 dry metric tons of concentrates, both for Louis Dreyfus Commodities Metals Suisse SA, contained about 16,614 ounces of gold, 5.38 million pounds of copper and 16,692 ounces of silver.

The shipment value is broken down to P1.17 billion from gold, P860 million from copper and P23 million from silver, based on the average provisional metal prices of $1,659 per ounce of gold, $3.75 a pound of copper and $31.98 per ounce of silver.

Meanwhile, Philex reported that its Padcal mine delivered 711,331 DMT of ore last April, resulting in 5,319 DMT of concentrates worth P1.11 billion.

The concentrates contained 52.47 grams of gold per DMT, 24.77 percent copper and 51.39 grams of silver per DMT. This is equivalent to 8,973 ounces of gold, 2.9 million pounds of copper and 8,788 ounces of silver.

The estimated value of the month’s output is P627 million for gold, P474 million from copper and P12 million from silver based on provisional metal prices of $1,657 per ounce of gold, $3.87 a pound of copper and $31.20 per ounce of silver.

Philex reported a net income of P1.27 billion in the first quarter this year, down three percent, as higher metal prices undermined by declining ore grades at its Padcal mine in Benguet shored up production production costs.

Revenues, however, rose four percent to a record P4.02 billion due to the strength of gold and copper in the world market.

Core net income amounted to P1.33 billion, the same as the previous level.

Revenues from gold inched up to P2.18 billion from P2.1 billion while revenue from copper likewise increased to P1.8 billion from P1.65 billion.

Philex chairman Manuel V. Pangilinan said the company’s investment in its Silangan project is necessary for the long-term development of the company.