Listed Philex Mining Corp. has released its total earnings in 2017 on account of improved metal prices, engineering interventions, and additional manpower that offset production volume 15 percent higher.
The premier mining firm posted a net income of P1.7 billion last year, upper by six percent versus net earnings of P1.567 million the prior year.
However, Philex saw a decrease in total revenues with P10 billion in the same period due to some production adjustments affecting the first eight months of the year, lower by two percent at P10.2 billion in 2016.
“While overall output was lower for the year, the last four months of 2017 showed a 15 percent improvement in tonnage compared with the average in the first eight months due to engineering interventions and additional manpower,” Philex said in its regulatory filing.
Gold revenues were 13 percent lower at P5.4 billion; silver generated only P77 million, almost ten percent down compared to P85.6 million the previous year; while copper showed an increase of 13 percent at P4.5 million.
Philex also garnered lower metal output because of bouldery ore, lower ore grades, and other production-related issues but were all balanced by the improved prices in the world market and favorable exchange rates.
Onto the firm’s leading mine, the Padcal mine milled 8.7 million metric tons (MT) of ore or 30.1 million pounds of copper and 84,638 ounces of gold, which is a decrease of seven percent versus 9.4 million MT in 2016.
In turn, there’s a slight spike in the average realized prices for both gold and copper, posting $1,273 per ounce and $2.96 per pound, respectively.
Lastly, Philex’s parent debt is at $49 million end year from $62 million in 2016, thanks to continuous repayment of short-term loans with local banks.
The company spent P135 million for its social development and environmental management projects, on top of its tax, royalty, and miscellaneous contributions totaling to P1.6 billion.
