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Philex Posts P1.23 Billion Income

by Philippine Resources - March 02, 2021

Philex Mining Corporation posted a net income of P1.23 billion which can be attributed to parent company equity holders last year on the back of lower expenses and higher revenues.

The Pangilinan-led mining firm noted a turnaround from its P647,78 million attributable net loss in the previous year, and also reported a core net income of P1.16 billion, seven times higher than last year.

Its revenues in 2020 also improved to P7.83 against P6.79 billion in 2019. The cost went down nearly 9% to P6.3 billion from P6.92 billion previously because of efficient operations and cost management.

According to Philex, the fourth quarter tonnage fell to 1.88 million tons as compared with 1.99 million tons in the previous quarter. This was because of the temporary stoppage of underground operations after a number of personnel tested positive for the virus.

“The shutdown was necessary to undertake COVID-19 mass testing of miners and contain the local transmission of the virus,” it said. “Despite the COVID-19 related temporary shutdown, the company produced a total of 56,000 ounces of gold and 26.38 million pounds of copper (in 2020), higher than full-year 2019 production of 53,064 ounces of gold and 25.74 million pounds of copper.”

The firm added that it would optimize its Pacdal mine in Benguet and on strategic planning for its Silangan copper and gold mine project in Surigao del Norte.

Eulalio B. Austin Jr., Philex president and chief executive officer, said that this positive outlook has boosted the interest of the global economy.

“We are closely working with our financial advisor to bring Silangan into operation in the soonest possible time and at the same time optimizing the Padcal Mine,” he said.

Meanwhile, Philex Chairman Manuel V. Pangilinan said that those who would survive the effects of the pandemic are those businesses that can adapt to change.

“Thankfully enough, Philex as an export-oriented company was permitted to operate by the government despite the community quarantine, providing revenues to allow us to concentrate on… the health and financial well-being of our employees; maintaining service excellence to our customers; and assistance to the government in caring for those most affected,” he said, “Mining shall and always will be a key economic driver towards inclusive national growth. Mining has the potential to provide much-needed revenue for the government’s response against the pandemic, particularly in the purchase of vaccines, if it is allowed to flourish.”

On Friday, the shares of Philex Mining at the stock exchange increased to 1.22% or six centavos to conclude at P4.96 apiece.



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Bezant Resources pursuing creation of Mankayan Copper Gold Mine

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Philippine Resources - April 06, 2021

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Philippine Resources - April 06, 2021

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