THE country’s biggest gold producer registered strong performance in both mine output and ore shipments in the first seven months of the year, driven by higher yield and buoyant metal prices.
In a disclosure to the Philippine Stock Exchange, Philex Mining Corporation said the estimated value of ore extracted from its Padcal mine jumped 56 percent to P9.52 billion from P6.12 billion in the same seven-month period last year.
Philex made eight shipments this year compared with six in 2010, resulting in an 85 percent surge in estimated value to P9.47 billion from P5.13 billion last year.
Jose Ernesto Villaluna Jr., Philex president, said the company’s Padcal mine delivered 804,068 dry metric tons of ore resulting in 5,659 DMT of concentrates containing 63.34 grams of gold per DMT, 25.46 percent copper, and 59.36 grams of silver per DMT.
This translates to about 11,524 ounces of gold, 3.18 million pounds of copper and 10,801 ounces of silver. Provisional metal prices for July were $1,621 per ounce of gold, $4.41 per pound of copper, and $39.63 per ounce of silver.
At an exchange rate of P42.14 to the US dollar, the value of last month’s production was estimated at P1.4 billion, broken down into P787 million from gold, P591 million from copper, and P18 million from silver.
Philex effected two shipments last month, both for Pan Pacific Copper Company Ltd. amounting to 10,016 DMT of concentrates having an estimated gross value of P2.43 billion.
The concentrates contained about 20,659 ounces of gold, 5.61 million pounds of copper, and 19,665 ounces of silver.
At average provisional metal prices of $1,566 per ounce of gold, $4.24 per pound of copper, and $37.72 per ounce of silver, gold content was worth P1.38 billion; copper, P1.01 billion; and silver, P32 million.
Manuel Pangilinan, Philex chairman, said the company’s whole year results could again set new record levels, citing the strong metal prices and higher ore production at the Padcal mine.
“In the medium term, we will continue to advance the Silangan Project and, in due course, the Kalayaan Project, to put them into commercial operation at the earliest possible time,” Pangilinan said.
Philex shares fell to P25.40 each on Friday from P25.55 the day before.
