Philex Mining Corp. generated P200 million in core net income and earnings before interest, taxes, depreciation and amortization of P506 million in the third quarter, higher than the previous on higher commodity prices.
In the third quarter of 2023, Philex recorded P163 million in core net income and P337 million in EBITDA.
For the first nine months of this year, Philex posted total core net income of P610 million and EBITDA of P1.418 billion, a slight decline from P864 million and P1.525 billion, respectively, in the previous year.
Gold prices surged in the third quarter to USD2,336 per ounce, up from USD1,927 in the year-earlier period, and from USD2,061 in the second quarter. For the first nine months of 2024, gold prices averaged USD2,115 per ounce, surpassing the USD1,921 per ounce achieved in the same period of 2023.
Copper prices also saw a rise, with prices reaching US$4.59 per pound in the third quarter compared with USD3.73 in the same period of 2023 and USD4.45 per pound in the second quarter. Year-to-date, copper averaged USD4.52 per pound, higher than USD3.83 for the same period last year.
Philex also recorded higher tonnage milled during the third quarter, processing 1.770 million tons, a slight increase from 1.693 million tons in 2023. Total tonnage milled for the first nine months stood at 5.042 million tonnes. Gold output for the quarter was 7,801 ounces, while copper output reached 4.951 million pounds. However, the total output of both gold and copper showed a decline compared to the previous year, with gold output at 23,566 ounces and copper at 14.753 million pounds, compared to 29,136 ounces of gold and 16,396 million pounds of copper in 2023.
In terms of future growth, Philex’s Silangan Copper and Gold Project in Surigao del Norte continues to make progress. The mine development is in its final stages, with the main access decline to the Boyongan Ore Body now less than 50 meters from completion. This milestone will allow production to begin on the first mining level, with development ore soon to be hauled to the surface. The company’s subsidiary, Silangan Mindanao Mining Co., Inc. (SMMCI), is also making strides in constructing essential infrastructure, including the ventilation exhaust shaft and ancillary services.
