Philex Mining Corporation, a leading gold and copper producer in Southeast Asia, announced a core net income of Php 105 million for the first quarter of 2024, along with an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Php 295 million.
This marks a decrease from the Php 388 million core net income and Php 635 million EBITDA reported for the same period in 2023.
The average gold prices were higher in the first quarter, reaching $2,061 per ounce compared with $1,889 per ounce in Q1 of 2023, while copper prices remained steady at $4.00 per pound.
In the first quarter of the year, the company milled 1.585 million tonnes, a decrease from the 1.706 million tonnes last year. Gold output for the same period was 7,803 ounces, down from 10,062 ounces in 2023. Conversely, copper’s first quarter output reached 4.669 million pounds, compared to 5.531 million pounds in the same period last year.
Meanwhile, Philex’s Silangan Project, set to commence commercial operation by the last quarter of 2025, faces delays due to loan facility issues and longer lead times for critical equipment delivery.
Completing the necessary funding for its Surigao del Norte mine project, the company secured an additional loan of $70 million, which brings the total loan facility to $170 million required to start commercial operation of the Silangan Project.
Eulalio Austin Jr., Philex President and CEO, remains optimistic about the Silangan Project’s development amid challenges.
He highlighted the favorable gold prices and ongoing progress in the project’s infrastructure construction and ore body development as key drivers for future growth.
