 The past year was undeniably a period of adjustment for your Company. After a few years of rising and historical record high prices for both copper and gold, we and the rest of the mining industry worldwide were again reminded of the certainty that commodity prices are cyclical and that nothing stays in one place forever. From its high of around $4.00 per pound in April 2008, copper price dropped to as low as $1.26 per pound in December 2008, a decline of 68%. There was less severe correction in the price of gold, from near $1,000 per ounce to $712 per ounce in December 2008, a decline of 30%...
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PADCAL MINE
Environmental Management:
Padcal Operation's Environmental Management System (EMS) sustained its ISO 14001 Certification, which is now on its 9th cycle, showcasing the Company's advocacy for responsible mining.
After six years of maintaining the EMS, the company has significantly demonstrated its commitment to operate responsibly. This was shown once more during the reassessment audit by the Certification International (CI) in May 2008.
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PHILEX HAILED
“BEST MINING FOREST”
The company took top honor as it received the Best Mining Forest Award for fiscal year 2007 - 2008 during the 55th Annual National Mine Safety and Environmental Conference on November 22, 2008 at Camp John Hay Convention Center, Baguio City.
Started in 1989 pursuant to a government directive...
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