Philex 2021 core net income soars 118% to Php2.53B

Philex Mining Corporation registered a 118% increase in its 2021 core net income to Php2.53 billion from Php 1.16 billion in 2020.

The company said that it had encountered a “favorable and sustained higher level of realized prices for gold and copper,” which contributed to higher operating revenues.

Philex Mining’s operating revenues reached Php9.79 billion in 2021, a 25% increase from 2020’s Php7.83 billion, as it milled a total of 7.946 million metric tons.

Gold milled contributed to 55,295 ounces, while copper recorded 26.2 million pounds in 2021.

“No doubt, 2021 was a blessing for us considering the high metal prices for copper & gold that even with the marginal grades of ore that we are mining, we continue working on our business continuity plans,” Philex President and CEO Eulalio Austin, Jr. said in a statement.

In 2022, Philex Mining is looking to explore the feasibility of the mineable resources and reserves around the Padcal Mine in Tuba, Benguet, wherein its mine life may be extended up to December 2024. The company will also be expediting the launching of the Silangan project in Surigao del Norte.

“Silangan will be an exciting project for us in 2022— it could ensure that our business continues for a long time to come. We look forward [to] this year with a fair degree [of] optimism, given the buoyant prices of commodities in general, and of metal prices in particular, driven by global geopolitical and supply factors,” said Philex Chairman Manny Pangilinan.

Philex 2021 core net income soars 118% to Php2.53B

Higher gold and copper prices were the major contributors.

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