MANILA, Philippines — Philex Mining Corporation continued to benefit from higher average metal prices in the first 11 months of 2011 which boosted the value of its Padcal mine’s output by 27 percent while its copper and concentrate shipments by 19 percent during the period.

Based on disclosures made by the firm to the Philippine Stock Exchange, the estimated value of ore produced by its Padcal mine rose to P14.92 billion from P11.75 billion in the first 11 months of 2010.

On the other hand, Philex shipped P12.58 billion worth of concentrates from January to November 2011, up 19 percent from the P10.57 billion estimate in the same 11 month period last year.

Philex senior vice president for finance Renato N. Migriño said the Padcal mine delivered 789,830 dry metric tons (DMT) of ore, resulting in 6,083 DMT of concentrates in November this year.

The concentrates contained 61.32 grams of gold per DMT of ore, 24.6 percent copper, and 59.01 grams of silver per DMT. This translates to a gold production of 11,994 ounces, as well as 3.3 million pounds of copper and 11,540 ounces of silver.

The estimated value of the month’s production is P1.4 billion consisting of P903 million for gold, P484 million from copper, and P16 million for silver.

This is based on provisional metal prices of $1,725 per ounce of gold, $3.36 per pound of copper, and $31.35 per ounce of silver at an exchange rate of P43.64 to the dollar.

Also in November 2011, Philex effected a shipment of 5,033 DMT of concentrates for Pan Pacific Copper Co., Ltd., containing about 9,246 ounces of gold, 2.7 million pounds of copper, and 8,916 ounces of silver.

The estimated gross value of the shipment is P1.11 billion consisting of P679 million worth of gold, P413 million in copper, and silver valued at P13 million.

The gross value estimate is based on average provisional metal prices of $1,695 per ounce of gold, $3.51 per pound of copper, and $33.19 per ounce of silver.