Philex reports 4% increase in metal output in Q1

Listed mining firm Philex Mining Corp. on Tuesday said its mineral production for the first quarter of 2012 grew by 4 percent from year-ago level.

In March 2012 alone, Philex disclosed to the Philippine Stock Exchange that its mineral output reached 795,682 dry metric tons (DMT) of ore. It valued the metals produced at P1.2 billion based on provisional prices.

The country’s top gold producer registered a 4-percent increase in output from its Padcal mine to 2.36 million DMT of ore for the first quarter of 2012 from 2.27 million DMT in the same period last year.

Based on the firm’s disclosures, the estimated value of this year’s production was placed at P3.7 billion or slightly lower than the P4.04 billion a year ago.

Philex president Eulalio B. Austin Jr. said in a statement that, for March 2012, the Padcal mine delivered 795,682 DMT of ore, resulting in 5,725 DMT of concentrates containing 51.6 grams of gold per DMT, 24.6 percent copper, and 52.63 grams of silver per DMT. This translated to a production of 9,498 ounces of gold, 3.1 million pounds of copper and 9,688 ounces of silver.

Provisional metal prices for the month is $1,662 per ounce of gold, $3.85 per pound of copper, and $32.43 per ounce of silver. At the exchange rate of P42.92 to $1.00, output is equivalent to P677 million worth of gold, P513 million in copper and P13 million of silver.

“Philex Mining will continue to lead and will focus on exploring additional revenue streams to maximize the opportunities presented by the world’s growing requirements for gold and copper,”Philex chair Manuel V. Pangilinan said.