3 weeks ago
5
February 28, 2025 | 12:00am
Philex said its bottom line last year fell by a fifth to P810.2 million from P1.02 billion recorded in 2023.
STAR / File
MANILA, Philippines — Pangilinan-led Philex Mining Corp. reported a 20 percent drop in its attributable net income as expenses rose faster than revenues due to more costly materials and supplies.
Philex said its bottom line last year fell by a fifth to P810.2 million from P1.02 billion recorded in 2023.
The miner’s revenues rose by six percent on an annual basis but its expenses grew at a faster rate of 9.45 percent year-on-year.
The mining company said its revenues reached P8.18 billion, up from the P7.73 billion in 2023 on the back of higher gold and copper prices last year, coupled with favorable foreign exchange rate.
“Realized gold prices reached $2,419 per ounce in the fourth quarter, while copper peaked at $4.57 per pound in the third quarter before settling to an average $4.32 per pound for the remainder of the year,” Philex said.
Meanwhile, the company’s expenses reached P7.3 billion, P630 million more than the P6.67 billion it incurred in 2023.
Philex milled 6.81 million metric tons (MT) of ore last year, slightly lower than the 6.85 million MT recorded in 2023.
The mining firm said its average gold ore grades declined by 16 percent while copper grades fell by seven percent on an annual basis as it continued to mine the peripherals of the ore body.
Philex produced 30,702 ounces of gold last year, about 19 percent lower than the 37,784 ounces it recorded in 2023.
Meanwhile, the company’s copper output declined by seven percent year-on-year to 19.78 million pounds from 21.3 million pounds. The mining firm’s earnings before interest, taxes, depreciation and amortization rose by 11 percent to nearly P2 billion from P1.78 billion.
“In 2025, we will navigate the challenges of operating an old yet viable mine like Padcal and commissioning a new mine like Silangan,” said Eulalio Austin Jr., Philex president and CEO.
“Padcal still has the potential and we are looking at pulling out all the stops, so to speak, to ensure its survival in its projected 2028 mine life and even beyond,” Austin added.
Philex said it has recorded a major milestone in its Silangan project in Surigao del Norte with the underground main access decline reaching the Santa Barbara 1 ore body and marking 7.5 million uninterrupted man hours without LTA or Loss Time Accident as of Jan. 18, 2025.
