Pangilinan-led Philex Mining Corporation reported a 29 percent drop in core net income to P610 million in the first nine months of 2024 from the P864 million earned in the same period last year due to lower ore grades mined.
In a disclosure to the Philippine Stock Exchange, the firm said earnings before interest, taxes, depreciation, and amortization (EBITDA) declined seven percent to P1.42 billion for the first nine months of 2024 compared with P1.53 billion in 2023.
For the third quarter this year, Philex generated P200 million core net income and an EBITDA of P506 million compared with the P163 million core net income and EBITDA of P337 million for the same period in 2023.
Average realized gold prices in for the third quarter 2024 were higher at $2,336 per ounce compared with the $1,927 per ounce in the same quarter of 2023.
Average realized gold prices in the first nine months of 2024 were $2,115 per ounce, higher than the $1,921 per ounce for the same period in 2023.
Realized copper prices for the third quarter stood at $4.59 per pound, higher than the $3.73 in 2023. Copper prices for the first nine months of the year averaged at $4.52 per pound, higher than the $3.83 per pound for the same period in 2023.
Tonnage milled for the third quarter of 2024 was at 1.77 million tons, slightly higher than the 1.69 million tons in 2023. This brings the total tonnage milled for the first nine months of 2024 to 5.04 million tons.
Gold output for the third quarter of 2024 was at 7,801 ounces while Copper output was at 4.95 million pounds.
For the first nine months of the year, total gold output reached 23,566 ounces while copper output was at 14.75 million pounds. For the same period in 2023, total gold output was 29,136 ounces while copper output was 16.4 million pounds.
Philex, through its wholly owned subsidiary, Silangan Mindanao Mining Co.,Inc. (SMMCI) continue to implement the development plan for the Silangan Copper and Gold Project in Surigao Del Norte.
Mine development is already in its final stages as the main access decline to the Boyongan Ore Body is less than 50 meters. After which, driving of production lines will immediately commence on the first mining level and, as result, the development ore will be hauled to the surface.
“There is a need to fast-track the development of the Silangan Project as conditions now are just right,” said Philex President and CEO Eulalio Austin Jr.
He noted that, “We have a responsive metals market brought about by the demand for critical metals necessary for the green energy transition and a favorable regulatory environment due to the support from the current Administration.”
“We are still on track to see our first metal output during the Process Plant’s debugging stage starting February 2026 with target of start of commercial operation within the first quarter of 2026.
“Meanwhile, we continue to evaluate the feasibility for the possible extension of Padcal’s mine life beyond 2027, so it can benefit our employees and their dependents, as well as our host and neighboring communities in Benguet Province,” Austin added.