Philex income drops 71% on weak metal production
Pangilinan-led Philex Mining Corp.’s earnings plunged by 70.55 percent in the three months ending March as revenues and metal output declined.
In a disclosure on Friday, Philex Mining said its consolidated net income decreased to P114.7 million in the first quarter of this year from P389.6 million in the same period a year ago.
Consolidated revenues posted a reduction of 17.46 percent to P1.73 billion, while costs and expenses were relatively flat at P1.64 billion.
Tonnage milled for the period dropped by 7.09 percent to 1.585 million tonnes.
Gold production totaled 7,803 ounces, a downturn of 22.45 percent, while copper output slid by 15.58 percent to 4.669 million pounds.
The firm reported mixed metal prices, with gold averaging $2,061 per ounce, up by 9.1 percent, and copper prices remaining at $4.00 per pound.
Philex Mining president and CEO Eulalio Austin Jr. said the listed company would still focus on the development of Silangan copper-gold project in Surigao del Norte province although delays pushed back its commercial operation to the last quarter of 2025.
The latest timeline, according to the firm, is affected by the delayed conclusion of the loan facility and the unexpectedly longer delivery lead time of critical process plant equipment.Amid setbacks, Philex Mining said continued development works would provide positive prospects.
“Our drive in the main decline of the ore body of Silangan continues, as well as the start of construction of our process plant, tailings storage facility, and other surface infrastructure,” Austin said.
