Philex delivers P1.476 B worth of metals in August

Philex Mining Corp., the country's largest miner in terms of assets, said it shipped P1.476-billion worth of precious metals in August. Philex told the Philippine Stock Exchange on Monday that of the P1.476-billion worth of minerals delivered last month, P886 million were from gold, P571 million from copper and P19 million from silver. "The company's gold production in August 2011 amounted to 11,518 ounces. The company also produced as other products 3.24 million pounds of copper and 10,971 ounces of silver," Philex said. In the year's first half, Philex said its consolidated net income reached a "historic high" of P3.22 billion from P965 million in the same period last year. Revenues from gold amounted to P4.4 billion; copper, P3.32 billion; silver and petroleum, P430.6 million, boosted by "favorable metal prices and the good production performance of Padcal mine." -- CMA/OMG, GMA News