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Philex output up

THE MINERAL output of Philex Mining Corp. increased by a third to 750,617 dry metric tons in June from the month before, the listed miner told the stock exchange yesterday.

The Padcal mine in Benguet produced 366,874 grams of gold, 1.431 million kilograms of copper and 352,842 grams of silver, higher than the May output of 272,522 grams of gold, 1.078 kilograms of copper and 260,181 grams of silver. The provisional value of the mineral output rose by a third to P895 million — P534 million for gold, P353 million for copper and P8 million for silver.

Philex Mining, the country’s biggest miner, owns the Padcal copper and gold project in Benguet, which is expected to be exhausted in less than six years. The company expects to start operation 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 increased to P7.40 apiece yesterday from P7.10 late last week. (Business World)

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