Philex Mining Corp., one of the oldest and largest gold and copper producers in Southeast Asia, said Friday core net income dropped P105 million from P388 million in the year-earlier period, with higher gold prices failing to overcome the sharp decline in gold and copper production.
Average gold prices in the first quarter were higher at USD2,061 per ounce compared with the USD1,889 per ounce in the same period last year. The price of copper for the first quarter was stable at USD4.00 per pound.
Operating costs were slightly higher at P1.643 billion.
Gold output in the quarter fell to 7,803 ounces from 10,062 ounces while copper output slipped to 4.67 million pounds compared with 5.53 million pounds in first quarter of last year.
“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,” said Eulalio Austin Jr., president and chief executive officer of Philex.
Philex continues to develop the Silangan Mine project and should start commercial operations in the last quarter of 2025, helping earnings of the listed mining company. The commercial operation of the Silangan Mine was stalled due to delay in the conclusion of the USD70 million loan facility and the longer delivery lead time for critical process plant equipment.
