Philex Jan-Sept ore shipments grow 18%

Posted at 09/30/10 3:06 PM

MANILA, Philippines - Philex Mining Corp. reported an 18.43% jump in the estimated value of its shipments for the first 9 months of the year, buoyed by higher metal prices and improved ore grades.

The firm shipped a total of 45,150 dry metric tons of copper concentrates worth P8.21 billion in January to September, against 50,155 dmt valued at P6.93 billion last year.

"The higher value of shipments of copper concentrates this year was mainly due to higher metal prices as well as improving ore grades which resulted in higher gold and silver yields in August and September," it explained.

Philex has made 9 shipments during the 9-month period.
Gold content of the shipments amounted to 85,566 ounces, while copper amounted to 24.79 million pounds.

"We are confident that the second half of the year will be boosted by higher metal prices and better-quality ore which we are already mining now," said Philex chairman Manuel Pangilinan.

Philex is banking on the strong prospects of its Silangan project, whose development phase will start by next year.

"Silangan will play a key role in building a bright future for Philex," Pangilinan added.

The Silangan copper-gold mine in Surigao del Sur Province is estimated to hold much higher resources than Philex’s Padcal mine in Benguet.