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MANILA, Philippines - The country's biggest miner on Friday said output from its Padcal mine reached P1.113 billion last month.
Philex Mining Corp. said P627 million of the total output came from gold, P474 million from copper, and P12 million from silver.
"The estimated value of production in April 2012 was based on provisional metal prices of $1,1657 per ounce gold, $3.87 per pound copper, and $31.20 per ounce of silver at the exchange rate of P42.205 to a dollar," Philex said.
Padcal mine delivered 711,331 dry metric tons of ore resulting in 5,319 dry metric tons of concentrates containing 52.47 grams per DMT of gold, 24.77 percent copper, and 51.39 grams per DMT of silver.
This resulted in 8,973 ounces of gold, 2,904,065 pounds of copper, and 8,788 ounces of silver.
Philex said it concluded two shipments last month containing an estimated 16,614 ounces of gold, 5,375,503 pounds of copper, and 16,692 ounces of silver.
The shipment of 10,013 DMT of concentrates have an estimated gross value of P2.057 billion, of which P1.174 billion is from gold, P860 million from copper, and P23 million from silver, based on the average provisional metal prices of $1,659 per ounce gold, $3.75 per pound copper, and $31.98 per ounce silver.
Philex earlier reaffirmed the extension of Padcal’s mine life from the initial forecast of September 2017 to December 2020, based on the evaluation of the mine’s reserves of 80.8 million tons at end-December 2011.
Although declining grades of ore are expected from Padcal, the extension of the mine life to 2020 ramps up reserves to 739,000 ounces of gold and 313.6 million pounds of copper for the next nine years.
The company is also active in exploring the areas surrounding the Padcal mine as part of its drive to prolong the mine’s life to the optimum extent possible.
It has more than 15,000 hectares of open ground in which several areas have been targeted for drilling or are now being drilled.
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