MANILA, Philippines — The earnings of Philex Mining Corp. plunged by 70 percent to more than P110 million in the first quarter as revenues fell due to lower metal output.

In a disclosure to the Philippine Stock Exchange, Philex said its net income fell to P114.716 million from P389.573 million in the same quarter in 2023.

The mining firm’s revenues during the three-month period slipped by 17 percent to P1.74 billion from P2.1 billion as lower gold and copper output negated the increases in the prices of the metals.

Philex reported a 22.4-percent drop in gold output to 7,803 ounces from the 10,062 ounces it produced in the same period of last year.

The firm’s copper output also declined by 15.6 percent to 4.67 million pounds from 5.53 million pounds.

Philex said its average gold prices in the first three months of the year reached $2,061 per ounce, $172 higher than the $1,889 per ounce recorded in 2023.

Furthermore, copper prices averaged at $4 per pound relatively equal to the price last year, according to Philex.

The mining firm’s costs and expenses at P1.64 billion.

Nonetheless, Philex remains optimistic of its future performance following continued development work at its Silangan project.

However, Philex disclosed that the commercial operations of its Silangan gold and copper mine has been delayed to the last quarter of 2025 instead of the earlier timeline of early next year.

“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,” Philex said.

Philex recently secured a 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,” Philex president and CEO Eulalio Austin Jr. said

“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,” Austin said. – Jasper Emmanuel Arcalas