November 9, 2024 | 12:00am
MANILA, Philippines — Philex Mining Corp. said its attributable net income from January to September fell by almost a quarter year-on-year to P636.03 million as expenses outpaced revenues.
In a disclosure to the Philippine Stock Exchange, Philex said its net income declined by P207.94 million from P843.98 million in the same period last year.
The mining firm’s revenues went up to P6.1 billion from P5.96 billion, but it was offset by the faster rise in the company’s total costs and expenses during the reference period.
The company’s total costs and expenses rose by 7.7 percent to P5.36 billion from P4.97 billion.
Philex said its average realized gold prices during the nine-month period reached $2,115 per ounce, about 10 percent higher than the $1,921 per ounce in the same period of last year.
The company also saw higher copper prices with an average realized price of $4.52 per pound, 18 percent over the $3.83 per pound a year ago.
The miner also reported a 19 percent drop in its gold output to 23,566 ounces from last year’s 29,136 ounces.
Likewise, the firm’s copper output declined to 14.75 million pounds, 10 percent lower than the 16.39 million pounds recorded a year ago.
Philex said it is fast-tracking the operationalization of its Silangan Copper and Gold Project in Surigao del Norte to take advantage of the favorable market conditions amid elevated global metal prices.
The company remains keen on delivering the first metal output in February 2026 with the commercial operations still scheduled within the first quarter of the same year.
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