Philex Mining Corporation, one of the country’s top gold and copper producers, expects its net income to have grown double digits in 2021 as it rides on high metal prices.

“In terms of EBITDA growth and core income growth for Philex, it should be in the high teens for 2021 over 2020. Maybe even higher than that,” said Philex Chairman Manuel V. Pangilinan in an online roundtable discussion.

He noted that, “We’ve seen the full year numbers only recently and these numbers are looking good... it may be something that would surprise the market to some extent, because it's continued good performance, extending the nine months numbers for the full year now.”

“I think the near term outlook for metal prices is quite good given...the inflationary pressures in most parts of the world, especially the US by interest rates with both well I think for metal prices, especially gold,” said Pangilinan.

He added that, “the unrest generated in Ukraine and the rest of the world that fears about inflation are also stoking the copper prices and gold prices, that has been helpful to Philex.”

Pangilinan said he is cautiously optimistic that 2022 will even be better based on current metal prices. “I think January has been good as well because so continued high metal prices,” he said.

Philex is currently studying the possibility of extending Padcal’s mine life based on the lower ore grades remaining against the higher price for gold and copper.

The firm said earlier that a decision to extend Padcal’s mine life beyond 2024 will depend on the study of the remaining mineable reserve, favorable price of copper and gold, as well as cost of producing the metals moving forward and obtaining the required government permits.

Padcal, where copper and gold have been extracted starting 1958, is scheduled to cease operation by year-end 2024 after several extensions of its mine life.