Philex reports P800-M output
Philippine Daily Inquirer
First Posted 02:51:00 01/08/2009
Filed Under: Mining and quarrying, Company Information, Metals
Philex Mining Corp., the Philippines’ biggest mining company, reported Wednesday a December 2008 production estimated at P800 million in copper and gold from its operations in Padcal town in the northern province of Benguet.
In a disclosure to the stock exchange, Philex chairman and chief executive Walter Brown said the mine produced 800,438 dry metric tons of copper and gold ore, which was treated at the company’s Banget flotation facilities.
It said the ore yielded 6,707 dry metric tons of copper concentrates with an average grade of 24.43 percent copper, 64.04 grams per DMT of gold and 61.09 grams per DMT of silver.
Brown said these have equivalent metal contents of 1.64 million kilograms (3.61 million lb) copper, 429,836 grams (13,820 ounces) gold, and 409,747 grams (13,174 ounces) silver.
Based on previous disclosures, the company’s production of minerals in 2008, may have likely reached a total of 77,921 DMT of copper concentrates.
It recorded its biggest monthly production in March, with output reaching 7,407 DMT of copper concentrates, while the lowest output was recorded in September, with only 4,459 DMT of copper concentrates.
Philex said the low output in September was due to an operational problem in the cable belt hauling system, which affected ore deliveries to the Philex mill. Based on the provisional prices of metal during the period, the July output recorded the highest value at P1.1 billion (for 6,591 DMT of copper concentrates), while the lowest value was in September at only P734 million. Amy R. Remo
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