Philex swings to net loss on restoration expenses
Philex Mining Corp. incurred a net loss of P592.48 million in the first quarter, a reversal from a net income of P130.58 million in the same period a year ago, as restoration works at Padcal mine affected its production.
The listed mining company led by tycoon Manuel Pangilinan said the decline in ore throughput and metal production at its mine site in Benguet province had affected its profitability.
This was despite the record-high global market pricing of gold. Philex Mining has repaired the partially-damaged portion of the crushing plant section caused by the structural failure supporting the ore bins.
“Restoration activities at crushing section are progressing with tonnage slowly improving and the company remains focused on achieving sustainable ore throughput recovery throughout the remainder of 2026,” the firm said.
