Philex produced P11B worth of metals as of August

Philex Mining Corp. said Monday that it produced about P11 billion worth of metals as of August this year, 48 percent more than the P7.42 billion reported in the same period last year.

The listed mining company also said the estimated value of shipments of its gold and copper concentrates surged 52.55 percent to P9.23 billion in the first eight months from P6.05 billion in the same period last year.

Earlier Monday, Philex disclosed that it produced P1.48 billion worth of metals in August alone.

Philex president and COO Jose Ernesto C. Villaluna Jr. said the company’s gold production amounted to 11,518 ounces.

The company also produced 3.24 million pounds of copper and 10,971 ounces of silver, he said.

Villaluna said that of the total output value, P886 million was from gold, P571 million from copper, and P19 million from silver.

This was based on provisional metal prices of $1,820 per ounce for gold, $4.17 per pound for copper, and $41.35 per ounce for silver.

Of the total value of the shipment, P551 million was from gold, P437 million from copper, and P15 million from silver, Villaluna said.

The shipment values were based on provisional metal prices of $1,405 per ounce for gold, $4 per pound for copper, and $40.17 per ounce for silver.