Philex Mining Corporation, one of the oldest and largest gold and copper producers in Southeast Asia, generated Php105 million core net income and an EBITDA of Php295 million for 1Q2024 compared with the Php388 million core net income and EBITDA of Php635 million for 1Q2023.
Average gold prices in 1Q2024 were higher at US$2,061 per ounce compared with the US$1,889 per ounce in 1Q2023. Copper for the first quarter was at US$4.00 per pound, equal to the price in 1Q2023. Operating costs were slightly higher at Php1.643 billion.
Tonnage milled for 1Q2024 was at 1.585 million tonnes, lower than the 1.706 million tonnes in 1Q2023. Gold output for 1Q2024 stood at 7,803 ounces versus the 10,062 ounces in 1Q2023. On the other hand, Copper output for 1Q2023 was at 4.669 million pounds compared with 5.531 million pounds in 1Q2023.
The continued development works at the Silangan Project would provide positive prospects for Philex, as its commercial operation is now scheduled to commence by the last quarter of 2025. The latest Silangan timeline is affected by the delayed conclusion of the loan facility and the unexpected longer delivery lead time of critical process plant equipment.
The Company was able to secure an additional US$70 million loan for its Surigao del Norte mine, which completes the total loan facility of $170 million needed to bring the Silangan Project into commercial operation.
“Despite the current challenges, we remain focused on the development of our Silangan Project,” according to Eulalio Austin Jr., Philex president and CEO. “The current price of gold remains high, and this provides both Silangan and Padcal some tailwinds. Our drive in the main decline of the ore body of Silangan continues, as well as the start of construction of our process plant, tailings storage facility, and other surface infrastructure.
Article courtesy of the Philippine Stock Exchange
