PHILEX Mining Corp. on Tuesday said production value from its Padcal mine increased by more than a fourth in the first 11 months of this year driven by higher metal prices higher copper concentrate shipments during the period.
In a disclosure to the Philippine Stock Exchange, Philex said its production value increased by 27 percent to P14.92 billion during the 11-month period from P11.75 billion a year ago. The company attributed the gain to the 19 percent increase in the shipment of copper concentrates.

Philex shipped P12.58 billion worth of concentrates from January to November, higher than the P10.57 billion estimate in the same 11 month period last year.

Renato Migriño, Philex senior vice president for finance, said the Padcal mine delivered 789,830 dry metric tons of ore, resulting in 6,083 DMT of concentrates last month.

The concentrates contained 61.32 grams of gold per DMT of ore, 24.6 percent copper, and 59.01 grams of silver per DMT. This translates to a gold production of 11,994 ounces, as well as 3.3 million pounds of copper and 11,540 ounces of silver.

The estimated value of last month’s production was P1.4 billion consisting of P903 million from gold, P484 million from copper, and P16 million from silver. This was based on provisional metal prices of $1,725 per ounce of gold, $3.36 per pound of copper, and $31.35 per ounce of silver at an exchange rate of P43.64 to the US dollar.

Last month, Philex effected a shipment of 5,033 DMT of concentrates for Pan Pacific Copper Co., Ltd., containing about 9,246 ounces of gold, 2.7 million pounds of copper, and 8,916 ounces of silver. The shipment value was estimated at P1.11 billion consisting of P679 million worth of gold, P413 million in copper, and silver valued at P13 million.

The gross value estimate was based on average provisional metal prices of $1,695 per ounce of gold, $3.51 per pound of copper, and $33.19 per ounce of silver.