Philex Mining reports higher ore production but output value dips

MANILA, Philippines—The Philex Mining Corp. reported higher ore production for January 2012 compared with the same month in 2011. Based on company disclosures on Monday and in 2011, however, the value of its output dropped on lower metal grades and a stronger peso.

The country’s largest miner reported Monday that for January 2012, its Padcal mine delivered 811,685 dry metric tons (DMT) of ore. This resulted in 5,530 DMT of concentrates containing 56.88 grams per DMT of gold, 25.12 percent copper, and 54.37 grams per DMT of silver.

Philex president and COO Eulalio B. Austin, Jr. said the estimated value of the January 2012 production, based on provisional metal prices of $1,741 per ounce gold, $3.85 per pound copper, and $33.60 per ounce silver, at the exchange rate of P42.87 to $1, amounted to P1.296 billion.

Of this, P777 was from gold, P505 million from copper, and P14 million from silver. The value was based on provisional metal prices of $1,741 per ounce gold, $3.85 per pound copper, and $33.60 per ounce silver, at the exchange rate of P42.87 to $1.

In 2011, Philex disclosed that its production for January reached 766,584 DMT, resulting in 5,901 DMT of concentrates containing 72.7 grams of gold per DMT, 24.73 percent copper, and 69.04 grams per DMT of silver.

Output in January 2011 was valued at P1.45 billion, based on provisional metal prices of $1,330 per ounce of gold, $4.41 per pound of copper, and $27.75 per ounce of silver at the exchange rate of P44.088 to the dollar. This resulted in an estimated gross value of P701 million from gold, P529 million from copper, and P14 million from silver.

At that time, provisional metal prices were at $1,330 per ounce for gold, $4.41 per pound for copper, and $27.75 per ounce for silver. The exchange rate was at P44.088 to the dollar.

Originally posted at 02:06 pm | Monday, February 06,  2012