Philex Mining H1 core net income jumps to P1.15 billion

PHILEX Mining Corp. saw its core net income climb to P1.149 billion in the first six months of 2021, an increase of 186 percent from last year’s P402 million.

“Satisfactory execution of the mining plan resulted in sustained level of metal output, and optimum operating cost and expenses delivered the higher core net income for the quarter and year-to- date ended June 30, 2021,” Philex Mining said in a disclosure.

For the second quarter alone, the mining firm’s core net income soared to P610 million from P540 million the previous quarter, on the back of higher revenues and lower operating cost and expenses.

This brings the company’s net income for April-June period increased by 86 percent to P600 million from P322 million while net income for the first six months of 2021 hitting P1.159 billion from P425 million year-on-year.

Revenues also improved by 29 percent to P4.747 billion in the first six months of the year, as compared to P3.680 billion recorded in 2020.

The company attributed this development to the sustained higher realized metal prices for both gold and copper at $1,807 per ounce and $4.21 per pound, respectively.

“The satisfactory execution of the mining plan and mill operations resulted in the production of 13,612 ounces of Gold and 6.435 million pounds of Copper for [second quarter], bringing the [first semester] total metal output at 27,025 ounces of Gold and 13.205 million pounds of Copper,” Philex Mining said.

Meanwhile, earnings before interest, tax, depreciation and amortization (EBITDA) in the first semester rose by 80 percent to P2.027 billion from P1.126 billion a year ago.

The Board of Directors of Philex has approved the In-Phase development of Silangan and the Company will be appointing a financial advisor to assist in the fund raising that will commence as soon as practicable.

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Philex Mining expressed confidence that Silangan development will start by the second quarter of 2022 with the target of commencing commercial operations in January 2025.

“We believe that the recent government pronouncements related to the mining industry will increase the level of interest and confidence of investors and lenders to mining companies,” emphasized Eulalio Austin, Jr, Philex Mining president and chief executive officer.

For his part, Philex Chairman Manuel Pangilinan said “In the next couple of months, we set to launch our Silangan Project under an In-Phase Development approach. Silangan will be an exciting project for Philex.”


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