Philex Mining profit up 14% on higher gold, copper prices
INQUIRER FILE PHOTO
MANILA, Philippines — Philex Mining Corp. reported a net income of P130.58 million in the first quarter, up 14 percent from a year ago, due to buoyant gold and copper prices.
In a stock exchange disclosure on Friday, the Pangilinan-led listed mining company attributed the boost in its profitability to higher revenues and metal prices.
“Operating an aging Padcal Mine continues to pose challenges to the company’s ability to operate efficiently in an environment of high metal prices and we rely heavily on the resiliency of our employees,” Philex Mining said.
Core net income in the three months ending March declined by 32 percent to P70.73 million.
Revenues increased by 9 percent to P1.89 billion. However, its operating costs rose by 7 percent to P1.76 billion due to higher production costs and other related expenses.
Even so, gold prices averaged $2,587 per ounce, rising by 25 percent. Average copper prices went up by 8 percent to $4.32 per pound.
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Tonnage milled stood at 1.602 million tonnes, up by 1 percent.
Philex’s gold and copper output, meanwhile, dropped by 22 percent to 6,083 ounces and 1 percent to 4.595 million pounds, respectively.
Silangan project
Philex Mining President and CEO Eulalio Austin Jr. said the firm was taking advantage of higher metal prices to move forward the Silangan project in Surigao del Norte province and optimize the remaining potential of the Padcal mine in Benguet province.
The development comes amid global trade and supply chain uncertainties caused by recent economic policy changes.
“It is imperative that we usher Silangan into production based on schedule to initially augment the performance of the Padcal Mine while we are relentlessly pursuing other business opportunities,” Austin said.
The Silangan project, targeted to begin commercial operations in the first quarter of 2026, recently secured a foreign investor who opted for a minority stake in the copper and gold project.
READ: Philex gets foreign partner for Silangan
Its development works accelerated to a faster pace with the arrival of major long lead equipment packages despite the challenging global supply chain environment.
