Philex Mining 9-month income down 24.6%

INQUIRER FILE PHOTO

Pangilinan-led Philex Mining Corp. booked a lower income in the January to September period amid higher metal prices as production declined.

In a disclosure on Wednesday, Philex Mining said its net income attributable to equity holders of the parent company declined by 24.6 percent to P636.03 million from P843.98 million in the same period a year ago.

Revenues during the nine-month period rose by 2.35 percent to P6.1 billion from last year’s P6 billion.

READ: Philex eyes mining nickel in Pangasinan

Gold prices averaged $2,115 per ounce, slightly higher than $1,921 per ounce. Likewise, copper prices stood at $4.52 per pound, also higher than $3.83 per pound.

However, gold production declined by 19.1 percent to 23,566 ounces. Copper output reached 14.753 million pounds, down by 10.02 percent.

Philex Mining president and CEO Eulalio Austin Jr. said the mining firm sees the need to accelerate the development of the Silangan Copper and Gold Project in Surigao del Norte.

“We have a responsive metals market brought about by the demand for critical metals necessary for the green energy transition and a favorable regulatory environment due to the support from the current administration,” Austin said.

The Silangan project, which consists of two deposits: Boyongan and Bayugo, is targeted to commence commercial operations by the first quarter of 2026. It is in the final stages.

Meanwhile, the listed firm said it is continuously evaluating the feasibility of extending the operations of its Padcal mine in Benguet beyond 2027.