Philex profit buoyed by higher prices

Published March 4, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Philex Mining Corporation generated a core net income of P1.69 billion last year, two percent higher than the P1.66 billion earned in 2016, while reported net income rose six percent to P1.66 billion from P1.57 billion.

In a disclosure to the Philippine Stock Exchange, Philex said 2017 metal output was affected by boulder ore, lower ore grades and other production-related issues as tonnage dropped to 8.67 million tons from 9.36 million tons.

The ore grades were at 0.377 grams per ton from 0.417 g/t in 2016 for gold and 0.192 percent from 0.206 percent for copper.

Gold output for 2017 reached 84,638 ounces from 103,304 ounces in 2016 while 2017 copper output totaled 30.1 million pounds from 35.0 million pounds in the previous year.

While overall output was lower for the year, the last four months of 2017 showed a 15 percent improvement in tonnage compared with the average in the first eight months due to engineering interventions and additional manpower. These measures partially addressed the issues that affected production from January-August, 2017.

Despite lower metal output, 2017 gold revenue amounted to P5.43 billion (from P6.21 billion) as prices improved to $1,273 per ounce from $1,254 per ounce in 2016.