PHILEX INCOME FALLS TO P305M; FIRM UPBEAT ON SILANGAN
PHILEX Mining Corp. on Friday reported a second-quarter core net income of P305 million, down from the P314 million recorded a year earlier, even as output and prices rose.
Earnings before interest, taxes, depreciation and amortization (Ebitda) were higher year on year at P617 million from P553 million, the company told the stock exchange.
These propelled first-half core net income to P410 million and Ebitda to P912 million.
The average realized gold price for the quarter was said to have risen to $2,008 per ounce from $1,937 per ounce a year ago, but was slightly lower than the $2,061 recorded three months earlier.
The realized copper price for the quarter was also higher at $4.45 per pound from $4.00 in the first three months of 2024 and the year-earlier $3.82.
Tonnage milled for the April-June period was 1.687 million tonnes, higher than the 1.585 million tonnes in the first quarter.
Gold output for the second quarter was also higher at 7,962 ounces from 7,803 ounces three months earlier.
Copper production totaled 5.133 million pounds, improving from 4.669 million pounds in January-March.
Total tonnes milled during the first half, meanwhile, was 3.272 million with gold output at 15,765 ounces and copper production at 9.802 million pounds.
Philex also reported that development work at the Silangan Copper and Gold Project in Surigao del Norte was progressing and added that the outlook remained positive.
“Acceleration to commercial operations of the Silangan Project will be foremost of our priorities, and we are targeting to have our first metal output before the end of 2025,” Philex President and Chief Executive Officer Eulalio Austin Jr. said.
“As soon as we reach the Boyongan Ore body during the end of this 3rd quarter, we will start the block development works of the first production level, and thereafter, we will be seeing the first ore coming …,” he added. – The Manila Times