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MANILA - The country's top gold miner on Thursday said first-half shipments increased 10 percent from a year ago despite the continued decline in ore production at the Padcal mine.
In a disclosure to the Philippine Stock Exchange, Philex Mining Corp. said the value of shipments in the January to June period reached P6.46 billion, up from P5.89 billion in the same six-month period last year. The company shipped 29,905 dry metric tons of concentrates this year, up from 25,176 last year.
For June alone, Philex shipped 4,995 DMT of concentrates to Pan Copper Co. Ltd. containing about 8,577 ounces of gold, 2.7 million pounds of copper and 8,332 ounces of silver.
The estimated value of the shipment is P980 million, consisting of P584 million from gold, P385 million from copper and P10 million from silver based on the average provisional metal prices of $1,608 per ounce of gold, $3.36 per pound of copper, and $28.72 per ounce of silver.
Output from the Padcal mine reached P7.15 billion this year, down from P8.12 billion in 2011, with the tonnage of ore steady at 4.66 million DMT.
For last month alone, the Padcal mine delivered 791,721 DMT of ore resulting in 5,949 DMT of concentrates containing 54.14 grams per DMT of gold, 24.39 percent copper, and 50.04 grams per DMT of silver.
Gold production thus amounted to 10,473 ounces, while copper output was at 3.2 million pounds, and silver, 9,576 ounces.
The value of last month's production was equivalent to P1.17 billion, of which P699 million was from gold, P465 million from copper and P11 million from silver. Philex noted that these were based on provisional metal prices of $1,584 per ounce of gold, $3.45 per pound of copper, and $27 per ounce of silver at an exchange rate of P42.12 to the US dollar.
Philex is aiming to boost its output by acquiring more gold mines in the Philippines, with production seen to get a boost once its Silangan mine starts commercial production by 2016.
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