Philex hikes March production value despite falling output

Philex Mining Corp. increased the value of its overall mineral output by almost a fifth last month from a year earlier despite lower production, mainly due to rising world metal prices. The combined value of the firm’s gold, copper and silver output from its Padcal mine in Benguet province stood at P924 million in March from P772 million a year earlier, the listed miner told the Philippine Stock Exchange on Tuesday. Output for gold, which made up 48 percent of total value, slid by a fifth to 8,730 ounces worth P442 million from 11,070 ounces worth P492 million a year earlier. This means gold prices went up by almost P12,000 per ounce. The March gold output, however, was 17 percent higher than a month earlier. Meanwhile, the output for copper, which accounted for 51 percent of total value in March, went down by 6 percent to 2.9 million pounds worth P475 million from the year-ago level. Production in February was lower at 2.58 million pounds. Output for silver, which made up less than a percent of total value, went down by 15 percent to 9,122 ounces from a year earlier. The value was flat at P7 million. Philex produced 8,050 ounces of silver last February. Gold prices went up by $2.50 to $1,112.50 (about P50,000) per ounce in March from the prior month. Copper also went up by 34 cents to $3.55 (about P160) per pound, while silver inched up by $1.38 to $17.50 (about P788) per ounce. Philex also said it shipped P799 million worth of minerals last April 1, 2 percent or P17 million lower than its March 1 shipment. — Nikka A. Corsino/NPA, GMANews.TV