Philex income down

Philex Mining Corp. reported a 6-percent drop in its net income for the first half of 2015, citing the continued slump in metal prices.

The company recorded a profit of P565 million for the June semester, down from P600 million in the same period of 2014.

Consolidated revenues fell 16 percent to P4.89 billion from P5.78 billion.

The Padcal mine alone contributed P4.76 billion to the top line, including P2.89 billion in gold and P1.87 billion in copper.

These meant a 6-percent decrease in gold revenue and a 24-percent plunge in copper revenue.

Philex Mining said the average realized prices for gold went down 11 percent to $1,190 per ounce while copper prices fell 16 percent to $2.61 per pound—both at their lowest in five years.

“As we navigate through the turbulent global developments, we remain focused on maximizing our operating mine and at the same time setting our sights on the development of the Silangan project,” Philex president and chief executive Eulalio B. Austin Jr. said in a statement.

“Right now, we are benefiting from our cost-containment measures and are confident that the results of these initiatives will be more pronounced in the longer term,” Austin said.

Yulo E. Perez, president of Silangan Mindanao and Mining Co. Inc., said the Silangan project was progressing, with the necessary permits and documentation being secured and paving the way toward early works in mine development.