Philex exports up 83%

Philex Mining Corp. reported an 83-percent hike in the estimated value of its shipments in the first two months of 2012.

With the increase in volume, Philex shipments amounted to P2.27 billion from January to February, from the P1.24 billion reported in the same period last year, the company said in a disclosure to the Philippine Stock Exchange.

Philex shipped out 10,003 dry metric tons (DMT) of concentrates in February alone.

Company president Eulalio B. Austin Jr. said in a statement that the two shipments last month were for Louis Dreyfus Commodities Metals Suisse SA, containing 17,994 ounces of gold, 5.57 million pounds of copper; and 17,640 ounces of silver.

The shipments’ gross value had been estimated at P2.27 billion, based on the average provisional metal prices of $1,748 per ounce of gold, $3.80 per pound of copper and $34 per ounce of silver.

Also, Philex’s Padcal mine in Benguet province produced an estimated P2.5 billion worth of ore in the first two months of 2012, slightly lower than the P2.71 billion in output reported in the same period last year.

From January to February 2012, tonnage was slightly higher at 1.56 million DMT against the 1.48 million DMT seen during the same period last year.

Last month, Austin said the Padcal mine delivered 5,223 DMT of concentrates containing 55.07 grams of gold per DMT, 25.34 percent copper, and 54.38 grams of silver per DMT. These translated to 9,247 ounces of gold, 2.92 million pounds of copper and 9,131 ounces of silver, worth a total of P1.2 billion.

Last year, Philex Mining delivered its best earnings performance due to record gold prices. Core earnings reached 34 percent for a record of P5.57 billion. It reported that its net income jumped 47 percent to P5.8 billion.

The company said the solid full year numbers allowed it to declare higher than expected dividends of 42 centavos per share for a full year payout of 50 percent.