Philex ships P1.192B worth of metals in Sept.

Philex Mining Corp., one of the country's largest miners in terms of assets, said it delivered more than P1 billion worth of metals last month. In a statement to the Philippine Stock Exchange on Wednesday, Philex said its Padcal mine delivered 773,490 DMT (dry metric tons) of ore with 5,510 DMT of concentrates containing 59.28 grams per DMT of gold, 54.46 grams per DMT of silver, and 25.18 percent copper. The delivery has an estimated value of P1.192 billion. "Of this P746 million is from gold, P433 million from copper, and P13 million from silver," Philex said. In August, Philex said it shipped P1.476-billion worth of precious metals. In the first half, Philex said its consolidated net income reached a "historic high" of P3.22 billion from P965 million a year earlier. Revenues from gold totaled P4.4 billion during six-month period, including P3.32 billion from copper and P430.6 million from silver, boosted by "favorable metal prices and the good production performance of Padcal mine." — CMA/VS, GMA News