Philex Mining Corporation reported a 24.6% drop in net income from January to September, reaching Php 636.03 million, down from Php 843.98 million a year ago.
In a disclosure to the Philippine Stock Exchange, the company said this occurred despite a 2.35% increase in revenues, which rose to Php 6.1 billion, driven by higher gold and copper prices.
Gold prices averaged USD 2,115 per ounce, up from USD 1,921, while copper prices rose to USD 4.52 per pound from USD 3.83. However, production levels dropped, with gold output down 19.1% to 23,566 ounces and copper output falling by 10.02% to 14.753 million pounds.
Philex President and CEO Eulalio Austin Jr. said that it was important to accelerate the Silangan Copper and Gold Project in Surigao del Norte, citing rising demand for critical metals for green energy and supportive government policies.
“We have a responsive metals market brought about by the demand for critical metals necessary for the green energy transition and a favorable regulatory environment due to the support from the current administration,” said Austin Jr.
The Silangan project, which includes the Boyongan and Bayugo deposits, is set to start commercial operations by early 2026 and is in its final development stages.
“We are still on track to see our first metal output during the Process Plant’s debugging stage starting February 2026 with target of start of commercial operation within the first quarter of 2026. Meanwhile, we continue to evaluate the feasibility for the possible extension of Padcal’s mine life beyond 2027,” Austin Jr. continued.
The company is also evaluating the potential to extend the lifespan of its Padcal mine in Benguet beyond its planned closure in 2027.
