MANILA –Profits of listed Philex Mining Corp. grew its profit by 59 percent in the first nine months of 2016 on higher revenues and lower costs and expenses.
Net income attributable to equity holders of the parent company reached Php 1.36 billion in January to September period from Php 851 million during the same period last year.
Revenues also surged by 7 percent to Php 7.71 billion, with gold contributing Php 4.8 billion, copper accounting for Php 2.84 billion, and silver, Php 66.4 million.
Philex said the higher average realized prices for gold more than offset the lower gold output; while the increase in copper output more than compensated for lower prices.
Despite higher tonnage, the company continued to proactively manage its costs and expenses, resulting in a 5-percent reduction in consolidated costs and expenses to Php 5.05 billion.
“We are glad that the government, through the Department of Environment and Natural Resources and other bodies, has taken note of our efforts to practice and continuously undertake responsible mining during the recent audit conducted at our Padcal Mine,” said Eulalio Austin, Jr. Philex President and Chief Executive Officer.
On the Silangan project, Austin said the completion of the definitive feasibility study’s third party review was on track and expected to be completed by early next year.
“An extensive review is being conducted to generate the best return from the project,” he said. Leslie Venzon/PNA-northboundasia.com