Philex Mining produces P1.4B worth of metals in July

MANILA, Philippines—Philex Mining Corp. disclosed on Monday that the company produced P1.4 billion worth of metals in July.
In a disclosure to the Philippine Stock Exchange, it was reported that Padcal mine in Benguet, which is currently closed due to a damaged tailings pond, produced 12,302 ounces of gold, 3.87 million pounds of
copper, and 11,251 ounces of silver.
Production was valued at P1.4 billion, of which P833 million was from gold, P555 million from copper, and P13 million from silver, Philex senior vice president for finance Renato N. Migrino said.
The estimates were based on provisional metal prices of $1,622 per ounce for gold; $3.44 per pound for copper; and $28 per ounce for silver, at the exchange rate of P41.72 to $1.
Also during the month of July, Philex shipped to Pan Pacific Copper Ltd. about 8,908 ounces of gold; 2,715,799 pounds of copper; and 8,620 ounces of silver, from 4,983 DMT of concentrates.
The cargo had an estimated gross value of P1 billion, consisting of P595 million worth of gold, P395 million worth of copper, and P10 million silver. The estimates were based on the average provisional metal prices of $1,604 per ounce for gold, $3.49 per pound copper, and $28 per ounce silver, Migrino said.