Philex 10-month production to Oct. hit P7.9B Riza T. Olchondra Philippine Daily Inquirer
November 08, 2009
THE copper-gold mine of Philex Mining Corp. in Benguet yielded minerals worth P7.9 billion from January to October, based on disclosed figures for the first ten months of the year.
Production in October raised Philex’s total output for the first ten months of the year to 6.84 million tons of ore.
In a statement, Philex vice president for finance Renato Migrino said total value of gold, silver and copper produced in October was estimated at P890 million.
Of the total, gold accounted for P467 million, copper for P415 million, and silver for P8 million.
This is based on higher provisional metal prices of $1,042.25 per ounce of gold, $2.98 per pound of copper and $16.57 per ounce silver at the current exchange rate.
Philex earlier said in a disclosure to the Philippine Stock Exchange (PSE) that Padcal’s ore output reached 742,806 DMT in October.
The ore produced 5,324 DMT of concentrates containing 54.82 grams per DMT of gold, 24.92 percent copper and 55.67 grams per DMT of silver.
This, in turn, led to gold production of 9,333 ounces.
Philex also produced 2.92 million pounds of copper and 9,530 ounces of silver.
Padcal mine’s projected operating life has been extended by another three years, from the previously declared 2014 to 2017, based on the proven reserves of the mine as of June 30, 2009.
According to the firm, the Padcal mine has reserves of 74 million tons, at assumed metal prices of $800 per ounce of gold and $2 per pound of copper.
Philex has also doubled its budgeted net income for 2009 to P3 billion from P1.5 billion, from profits of P2.8 billion earned in 2008, on the back of stronger gold and copper prices.
The firm explained that the higher projection is based on prevailing level of metal prices at around $950 per ounce of gold and $2.50 per pound of copper.
