Philex output down

THE MINERAL output of listed Philex Mining Corp. dropped by almost a tenth last month to 648,481 dry metric tons from 705,607 in March, the miner told the Philippines Stock Exchange yesterday.

Philex Mining produced 340,283 grams of gold, 1.330 million kilograms of copper and 333,020 grams of silver worth P767 million, broken down as follows: P475 million for gold, P286 million for copper and P7 million for silver. Last month’s output was slightly down from the P772-million worth of mineral production reported in March. Philex Mining, the country’s biggest miner, has been operating the Sto. Tomas II deposit at Padcal in Tuba, Benguet Province for the last five decades. The Padcal mine — the first underground block cave operation in the region — is expected to be exhausted in less than six years. The company wants to start operations in its Boyongan gold and copper mine in Surigao del Norte by 2014 to sustain operations for up to 20 more years. Philex Mining shares were unchanged at P6 apiece in yesterday’s trading. (Business World)

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