Philex reports P5.5B worth of shipments

Philex Mining Corp. said it had shipped concentrates worth about P5.48 billion from January to May 2012, up from P4.72 billion in the same period last year.

The country’s largest miner made five shipments containing 24,950 dry metric tons (DMT) of concentrates in the first five months of 2012 as against four shipments amounting to 20,150 DMT in January to May 2011.

In May 2012, Philex shipped 4,934 DMT of concentrates to Pan Pacific Copper Co. Ltd. in Japan with an estimated gross value of P1.15 billion, slightly higher than the P1.11 billion worth of concentrates shipped in the same month last year.

Philex Mining president Eulalio B. Austin Jr. said the shipments contained about 9,182 ounces of gold; 2.89 million pounds of copper; and 9,011 ounces of silver.

This translates to about P656 million for gold, P477 million for copper, and P12 million for silver based on the average provisional metal prices of $1,649 per ounce of gold, $3.82 per pound of copper, and $30.55 per ounce of silver.

In terms of production, Philex Mining reported that the value of output from its Padcal mine in May 2012 was estimated at P1.16 billion from 798,022 DMT of ore resulting in 5,487 DMT of concentrates.

The concentrates contained 57.15 grams of gold per DMT, 26.05 percent copper and 52.68 grams per DMT of silver. That, Philex Mining said, was equivalent to 10,083 ounces of gold; 3.15 million pounds of copper and 9,294 ounces of silver.