Philex October metal ouput up 7% to P890M

11/09/2009

Philex Mining Corp. reported that its Padcal copper-gold mine in Benguet produced gold, silver and copper ore worth an estimated P890 million in October 2009, up 7 percent from the production worth about P833 million in the same month last year.

Philex vice president for finance Renato Migrino reported to the Philippine Stock Exchange (PSE) that, during the month, the Padcal mine delivered 742,806 dry metric tons (DMT) of ore.

Based on previous disclosures, October 2009 production raises the total output for the first 10 months of the year to 6.84 million tons of ore with an estimated value of P7.9 billion.

The ore output in October 2009 resulted in 5,324 DMT of concentrates containing 54.82 grams per DMT of gold, 24.92 percent copper and 55.67 grams per DMT of silver.

This, in turn, led to a gold production of 292,162 grams (9,333 ounces). Philex also produced as other products such as 1.33 million kilograms (2.92 million pounds) of copper, and 296,410 grams (9,530 ounces) of silver.

The estimated value of the month’s production is P890 million of which P467 million is from gold, P415 million from copper, and P8 million from silver.

This is based on higher provisional metal prices of $1,042.25 per ounce of gold, $2.98 per pound of copper and $16.57 per ounce silver at the exchange rate of P47.73 to $1.

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