Philex Mining profit up 15% on record metal prices
Philex Mining Corp. recorded a 14.7-percent jump in profit in 2025, largely due to record metal prices and favorable exchange rates.
The mining firm reported that its net income reached P929.69 million last year.
Revenues rose by 8.2 percent to P8.85 billion
Core net income reached P1.07 billion, an improvement of 43.6 percent.
“Gold and copper prices remained at high levels throughout the year, while foreign exchange rate also improved in the last quarter,” Philex Mining said in a statement on Tuesday.
Gold prices hit a record $4,338 per ounce in the fourth quarter of 2025.
Average copper prices settled at $4.56 per pound for the year after reaching a peak of 5.24 per pound in the last quarter of 2025.
Philex Mining gained from elevated metal prices despite recording lower output. Gold production fell by 21 percent to 24,358 ounces. Copper output dipped by 8.2 percent to 18.16 million pounds.
Philex Mining president and CEO Eulalio Austin Jr. said the firm is addressing persistent challenges inherent in an ageing mine such as Padcal mine in Benguet, which has adversely affected daily production.
Austin said exploration prospects near Padcal offer hope for extending the mine’s life, an initiative Philex Mining is aggressively pursuing this year.
Meanwhile, the Silangan Copper and Gold Project “is already in the final stretch” to jump-start operations by the end of this quarter.
“We are already in the last lap—just a few more weeks to the finish line—to complete the development component of the operations of our Silangan Project,” said Pangilinan, chair of Philex Mining.
