Philex sees lower gains

MANILA, Philippines — Pangilinan-led Philex Mining Corp. expects a slight drop in profits for this year due to lower metal production.

“It will be slightly down in terms of profits and volume. We have better prices but not enough to pull up the profits because of the decline in the volume for the full year and the third quarter,” Pangilinan told reporters on the sidelines of Philex Yamang Mag-Aaral program on Monday.

Last year, Philex saw its net profit more than double to P1.6 billion owing to better production output, higher metal prices and favorable exchange rates.

In the first half, Philex already saw a five percent decline in net income.

Meanwhile, Pangilinan said it remains unsure if the Silangan mine could commence operations by 2020 as targeted.

Philex president and CEO Eulalio Austin Jr. said only a formal document rescinding the order of former environment secretary Gina Lopez would allow the mining firm to move forward with its $2-billion Silangan copper and gold project.