Philex books P7B ore output from January to May

MANILA, Philippines—Philex Mining Corp. produced P6.72 billion worth of ore in the first five months, which is 60 percent higher than the P4.21 billion output of its Padcal mine in the same period in 2010.

Based on disclosures of the country’s largest gold producer to the Philippine Stock Exchange, the value of Philex’s ore shipments from January to May 2011 rose 44 percent to P4.72 billion from P3.28 billion in the comparative period last year.

The value of ore mined and shipments continue to be buoyed by rising metal prices in the world market and higher ore grades since volume is only slightly higher.

Production for the five-month period amounted to 3.85 million dry metric tons (DMT) of ore compared with 3.61 million dry metric tons (dmt) in 2010 while shipments amounted to 20,150 dmt of concentrates as against 20,084 dmt in the first five months of 2010.

For May, Philex senior adviser Rogelio G. Laraya said in a disclosure that the company’s gold production was estimated at P1.38 billion.

In a disclosure to the Philippine Stock Exchange, the company said that it produced 11,864 ounces of gold for the month. The miner also produced as other products 3.16 million pounds of copper and 11,252 ounces of silver.

Laraya said that during the month, the Padcal mine delivered 810,763 dry metric tons (dmt) of ore resulting in 5,881 dmt of concentrates containing 62.19 grams per dmt of gold, 24.38 percent copper and 59.48 grams per dmt of silver.

The estimated value based on provisional metal prices of $1,537 per ounce gold, $4.18 per pound copper and $38.65 per ounce silver, at the exchange rate of P43.291 to $1, amounts to P1.381 billion.

Philex said its effected Shipment LDM-16 for Louis Dreyfus Commodities Metals Suisse SA, contained about 10,228 ounces of gold, 2.7 million pounds of copper and 9,926 ounces of silver from 5,037 dmt of concentrates. This had an estimated gross value of P1.1 billion based on average provisional metal prices of $1,386 per ounce of gold, $4.08 per pound of copper, and $38.99 per ounce of silver.

Out of the P1.1 billion gross value, gold accounted for P612 million, copper for P477 million, and silver for P17 million.