Philex’s Padcal production, shipments higher
By JAMES A. LOYOLA
September 6, 2011, 3:31am
MANILA, Philippines — Philex Mining Corporation, the country’s most profitable gold and copper producer, continued to register higher value of production and shipments as gold prices soared in the global market.
Based on the firm’s disclosures for the first eight months of 2011, estimated value of ore production from the company’s Padcal mine rose 48 percent to P10.99 billion from the P7.42 billion estimated for the same period last year.
On the other hand, the estimated value of shipments of gold and copper concentrates surged 52.55 percent to P9.23 billion in the first eight months of 2011 from the estimate of P6.05 billion in the same period last year.
For August this year, Philex president Jose Ernesto C. Villaluna, Jr. said the Padcal mine delivered 808,703 dry metric tons of ore resulting in 6,388 DMT of concentrates containing 56.08 grams of gold per DMT, 22.98 percent copper, and 53.41 grams of silver per DMT.
This translates to a production of 11,518 ounces of gold, 3.24 million pounds of copper, and 10,971 ounces of silver with an estimated value of P886 million for gold, P571 million for copper, and P19 million for silver, for a total of P1.48 billion.
The estimated value is based on provisional metal prices of $1,820 per ounce of gold, $4.17 per pound of copper, and $41.35 per ounce of silver, at the exchange rate of P42.28 to the dollar.
Meanwhile, Philex effected shipment LDM-17 for Louis Dreyfus Commodities Metals Suisse SA containing 5,010 DMT of concentrates having an estimated gross value of P1 billion.
The concentrates contained about 9,229 ounces of gold, 2.57 million pounds of copper and 8,973 ounces of silver. Estimated value is based on provisional metal prices of $1,405 per ounce of gold, $4.00 per pound of copper, and $40.17 per ounce of silver for a total of P551 million from gold, P437 million from copper, and P15 million from silver.
Source: http://www.mb.com.ph/articles/333334/philexs-padcal-production-shipments-higher
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