MANILA, Philippines - Higher metal prices boosted the value of ore produced from Philex Mining Corp.'s Padcal mine in Benguet province.

In a disclosure to the Philippine Stock Exchange, Philex said the estimated value of its production for the first 2 months of the year rose 9% to P1.58 billion from P1.45 billion in the same period in 2009.

Philex president Jose Ernesto Villaluna Jr. reported that the Padcal mine delivered 644,939 dry metric tons (dmt) of ore, resulting in 4,726 dmt of concentrates containing 49.11 grams per dmt of gold, 24.72% copper and 52.75 grams per dmt of silver in February.

Production during that month amounted to 7,471 ounces of gold, 2.58 million pounds of copper and 8015 ounces of silver, with a total estimated value of P772 million.

The value of February's production was based on provisional metal prices of $1,110 per ounce of gold, $3.21 per pound of copper and $16.12 per ounce, at the exchange rate of P46.258 to $1.00.

Meanwhile, Philex's first shipment for March 2010 was estimated to be worth P816 million, a 50% jump year-on-year.

The shipment contained 5,067 dmt of concentrates. Gold shipped was 8,160 ounces, while copper amounted to 2.79 million pounds.

Last February 23, Philex shipped 4,998 dmt of concentrates, with an estimated value of P836 million.