Philex Mining Corporation narrowed its consolidated net loss to P200.37 million for the first six months of 2026, a marked improvement from the P592.48 million net loss posted in the first quarter alone, as solid performance in the April to June period offset earlier setbacks. The listed firm recorded a P301.39 million net profit in the same January to June period a year earlier. In a statement, the company said the weaker half-year result stemmed largely from foreign exchange revaluations of its dollar-denominated borrowings that weighed on first quarter earnings, before operations rebounded sharply to deliver a P392 million consolidated net income in the second quarter.
The strong second quarter showing came as operations at the Padcal mill in Benguet returned to normal, following the completion of repairs to its secondary and tertiary crushing facilities, alongside steady market prices for gold and copper. Total consolidated revenues for the first half reached P3.21 billion, down nine percent from the P3.53 billion posted in the same period in 2025, though output figures for the second quarter alone showed substantial gains. Ore processed at Padcal rose 68 percent to 1.56 million tons from 931,000 tons in the first quarter, while gold production climbed 80 percent to 4,011 ounces and copper output surged 81 percent to 3.388 million pounds over the same comparison.
Average gold prices in the second quarter stood at $4,136 per ounce, down 16.6 percent from the record $4,960 per ounce seen in the first three months of the year but still 65 percent higher than the $2,504 per ounce recorded in the second quarter of 2025. Copper meanwhile averaged $6.23 per pound, up from $4.53 per pound in the first quarter and $4.09 per pound in the same period last year. Philex Mining noted it expects this positive operating trend to carry through the rest of 2026, supported by stable commodity prices and full use of the newly repaired crushing plant at Padcal, which has run continuously since 1958 as the company’s only active mine for now.
Work on the upcoming Silangan copper and gold project in Surigao del Norte also moves forward, with general contractor EEI Corporation turning over finished sections of the processing plant to project operator Silangan Mindanao Mining Co. Inc. (SMMCI) as scheduled. Philex Mining said SMMCI and its technical consultant Ausenco Pty. Ltd. of Australia have begun gradual testing and commissioning of facilities, with full completion targeted for the final three months of 2026. The mine is expected to start at an initial daily output of 2,000 tons of ore, with plans to scale up operations over time to reach a full capacity of 12,000 tons per day by its twelfth year of commercial production.
