MANILA, Philippines — Philex Mining Corporation, the country’s top gold producer, registered strong growth in both mine output and ore shipments in the first seven months of the year due to higher yield and buoyant metal prices with gold hitting record highs.

Based on the firm’s disclosures to the Philippine Stock Exchange in the last seven months, the estimated value of ore dug from the firm’s Padcal mine jumped 56 percent to P9.52 billion from P6.12 billion in the same period last year.

On the other hand, Philex made eight shipments in the first seven months of the year compared to six in January to July last year, resulting in an 85 percent surge in estimated value to P9.47 billion from P5.13 billion in the same period in 2010.

Philex president Jose Ernesto C. Villaluna, Jr. said the company’s Padcal mine delivered 804,068 dry metric tons (DMT) of ore resulting in 5,659 DMT of concentrates containing 63.34 grams of gold per DMT, 25.46 percent copper, and 59.36 grams of silver per DMT.

This translates to about 11,524 ounces of gold, 3.18 million pounds of copper and 10,801 ounces of silver. Provisional metal prices for the month were $1,621 per ounce of gold, $4.41 per pound of copper, and $39.63 per ounce of silver.

At an exchange rate of P42.14 to the dollar, the estimated value of the month’s production is P1.4 billion, broken down into P787 million from gold, P591 million from copper, and P18 million from silver.

Philex effected two shipments last July, both for Pan Pacific Copper Co. Ltd., amounting to 10,016 DMT of concentrates having an estimated gross value of P2.43 billion.

The concentrates contained about 20,659 ounces of gold, 5.61 million pounds of copper, and 19,665 ounces of silver.

At the average provisional metal prices of $1,566 per ounce of gold, $4.24 per pound of copper, and $37.72 per ounce of silver, gold content was worth P1.38 billion, P1.01 billion for copper, and P32 million for silver.

Philex chairman Manuel V. Pangilinan noted earlier that, “with the expectation that metal prices will remain strong and the Padcal mine achieving its production goals in the second half, we are anticipating that the Company’s whole year results could again be setting new record levels.”