Philex increases Padcal production
James Konstantin Galvez
Tuesday, June 07, 2011
THE country’s largest gold producer on Monday said that ore production from its Padcal mine has increased by more than half for the first five months of the year.
In a disclosure to the Philippine Stock Exchange, Philex Mining Corp.
said its Padcal mine has produced ore worth an estimated P6.72 billion in the first five months, or 60 percent higher than the P4.21 billion output in the same period in 2010.
The value of ore shipments increased by 44 percent to P4.72 billion from P3.28 billion last year.
“The value of ore mined and shipments continue to be buoyed by rising metal prices in the world market and higher ore grades since volume is only slightly higher,” Philex said.
Based on records, production for the five-month period amounted to 3.85 million dry metric tons (DMT) of ore compared with 3.61 million DMT last year, while shipments amounted to 20,150 DMT of concentrates as against 20,084 DMT in 2010.
Rogelio Laraya, Philex senior adviser, said the Padcal mine delivered 810,763 DMT of ore resulting in 5,881 DMT of concentrates containing 62.19 grams per DMT of gold, 24.38 percent copper, and 59.48 grams per DMT of silver.
The ore grade translates to 11,864 ounces of gold, 3.16 million pounds of copper and 11,252 ounces of silver from the concentrates produced in May.
The estimated value of that month’s production was P1.38 billion. Of this, P789 million was from gold, P573 million from copper and P19 million from silver, said Laraya.
This estimate is based on provisional metal prices of $1,537 per ounce of gold, $4.18 per pound of copper, and $38.65 per ounce of silver a the exchange rate of P43.291 to $1.
Philex effected a shipment for Louis Dreyfus Commodities Metals Suisse SA containing about 10,228 ounces of gold, 2.71 million pounds of copper and 9,926 ounces of silver from 5,037 DMT of concentrates.
The shipment has a gross value of P1.11 billion based on average provisional metal prices of $1,386 per ounce of gold, $4.08 per pound of copper, and $38.99 per ounce of silver.
The estimated gross value consists of P612 million from gold, P477 million from copper and P17 million from silver.
Source: http://www.manilatimes.net/business/philex-increases-padcal-production/
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