Latest Stories

Philex core income dropped 90% in March

MANILA, Philippines—The consolidated core income of Philex Mining Corp. dropped by 90 percent to P132 million in March because of a reduction in the operations of its Padcal copper-gold mine in Benguet.

The company’s reported net income during the period also dipped by 68 percent to P403 million.

Philex chairman Manuel V. Pangilinan said the results of the first quarter reflected only about 23 to 24 days of operation.

“We were allowed to operate starting March 8,” he told reporters at the sidelines of the company’s stockholders’ meeting. Because of a suspension order, the company could not operate the Padcal mine in January and February.

In 2012, on the basis of a fully operational first quarter, Philex’s core income amounted to P1.330 billion, while its reported net income reached P1.268 billion.

Philex later said in a statement that the settlement of the company’s pollution liability insurance claim worth P1.017 billion “substantially covered the losses in the first two non-operational months.”

The company had to settle the claims arising from a spill at the Padcal mine’s Tailings Storage Facility 3.

Since it resumed mining operations last March 8, the company generated P889 million in revenue, Philex said.

“We have faith that Padcal will get back on its feet, stronger than before, having proven that it can overcome even tremendous setbacks like the one that it just faced,” Pangilinan said.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Earnings , Mining and quarrying , padcal , Philex Mining

  • joboni96


    ng ma break up na
    foreign intsik switik owned pangilinan monopoly trust

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Militants kill 14 Algerian soldiers in ambush
  • Pope Francis, huge crowd joyously celebrate Easter
  • 4 French journalists freed from Syria captors home
  • Thousands celebrate Easter in Holy Land
  • Transcript reveals confusion over ferry evacuation
  • Sports

  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Marketplace