Philippine Daily Inquirer Digital Edition

PHILEX POSTS 187% JUMP IN H1 NET INCOME

By Karl R. Ocampo @KAROcampo_

The country’s biggest gold producer, Philex Mining Corp., saw its revenue and core net income propelled to new heights during the first half of the year, thanks to the sustained high prices of metal and the continued attractiveness of copper and gold.

In a disclosure to the local bourse, Philex reported a 187-percent rise in its core net income to P1.15 billion, from P402 million in the same period last year, while revenue rose by 29 percent to P4.75 billion.

For the second quarter, Philex logged a net income of P600 million against P322 million a year ago.

Mill operations during the period resulted in the production of 27,025 ounces of gold and 13.21 million pounds of copper.

While prices of precious metals like copper and gold are expected to experience a price pullback, rates continue to remain stable.

As for Philex’s long-delayed Silangan project, the company said it was confident that the site’s development would start by the second quarter of 2022, with the target of commencing commercial operations by January 2025.

“We will be working with our financial adviser to immediately implement the fund-raising activity for the InPhase development of Silangan,” Philex president and CEO Eulalio B. Austin Jr. said. “We believe that the recent government pronouncements related to the mining industry will increase the level of interest and confidence of investors and lenders to mining companies. The launch of Silangan will be very timely.”

BUSINESS

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2021-07-31T07:00:00.0000000Z

2021-07-31T07:00:00.0000000Z

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