High ore grade, metals prices boost Philex shipments

Philex Mining Corp., the country’s largest mining firm, on Thursday said its estimated value of shipments rose almost 20 percent in the nine months to September, owing to higher metals prices and better ore grades. The mining firm estimated the value of shipments in January-September went up to P8.21 billion from P6.93 billion in the same period last year, Philex said in a disclosure to the Philippine Stock Exchange. Higher metal prices and better ore grades with higher gold and silver yields in August and September helped boost the value of its shipments, the company said. Philex shipped 45,150 dry metric tons (DMT) of copper concentrates in the first nine months from 50,155 DMT in the same period in 2009, the firm noted. The shipments had gold contents of 85,566 ounces from 97,740 ounces in the same comparable period, Philex said. The mining firm also said it shipped 24.79 million pounds of copper from 27 million pounds. Data for its shipments of silver were incomplete, Philex said. The value of its shipments rose despite making only nine this year, from 10 last year, the company noted. Philex also said it made two shipments in September. The first shipment of 5,015 DMT of concentrates was estimated at P1.03 billion — 11,412 ounces of gold valued at P624 million, 2.82 million pounds of at P409 million, and 11,676 ounces of silver at P10 million, Philex said. The second shipment of 5,058 DMT had an estimated value of P1.12 billion and contained 12,351 ounces of gold, 2.76 million pounds of copper, and 12,196 ounces of silver. The value of its second shipment was based on provisional metals prices of P686 million for gold, P419 million for copper, and P11 million for silver, the company said. —JE/VS, GMANews.TV