MANILA, Philippines - Copper-gold producer Philex Mining Corp. continued to register growth in value of ore shipped and produced from its Padcal mine on the back of rising metal prices and higher output.
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Based on the firm’s disclosures to the Philippine Stock Exchange, Philex's production for the first semester of the year rose 13.6% to an estimated P5.16 billion from P4.54 billion in the same period in 2009.
At the same time, ore output from the mine rose 7.7% to 4.46 million dry metric tons from 4.05 million DMT last year.
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During the first 7 months of 2010, Philex's ore shipments amounted to P5.13 billion, up 12.2% from the estimated P4.57 billion worth of shipments during the same period last year.
Philex recently reported that it exported P930 million worth of precious metals last July 2. The shipment contained 9,591 ounces of gold from 4,972 DMT of concentrates. It also included 2.69 pounds of copper and 9,591 ounces of silver as other products.
As of 11:54 a.m., shares of Philex were down 2.2% at P11.25 apiece.
