PHILEX Mining Corp. saw a 43.3% decline in its 2023 attributable net income to P1.02 billion, mainly due to lower revenues from its gold and copper operations.

“We shall continue pursuing our other business development activities to ride on the current trend towards green metals technology,” Philex Mining Chairman Manuel V. Pangilinan said in a disclosure on Thursday.

The company’s revenues dropped to P7.73 billion last year, marking a 16.3% decrease from the P9.26 billion recorded in 2022.

“Total tonnage milled for 2023 declined by 7.8% resulting to lower operating revenues for the year,” Philex Mining said. Ore production dropped to 6.85 million tons from 7.43 million tons the prior year.

The company’s gold output reached 37,784 ounces during the year, 22% lower compared to the 48,567 ounces of gold for 2022.

Its copper production also fell to 21.298 million pounds from 25.086 million pounds a year ago.

“Gold ore grades declined by 9% and Copper ore grades declined by 6%,” it added.

The company’s operating costs decreased by 6% to P6.67 billion in 2023 from P7.12 billion the previous year.

This was on the back of a 7.8% decline in tonnage milled, “offset by the impact of the elevated cost of materials and supplies.”

For 2024, Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr. said that the company would continue to leverage the operations of its Padcal mine.

“We will pursue our re-fleeting of critical equipment, continue optimizing the current ore body, as well as engage in relentless power optimization improvements and aggressive training of our employees. These are aside from further exploring the vicinity of Padcal Mine,” Mr. Austin added.

Additionally, Mr. Pangilinan said that the company expects to complete the evaluation of its nickel tenement in Zambales within the year.

He said last year that the company was venturing into nickel mining amid the increasing demand for the mineral by electric vehicle makers.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

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