PHILEX Mining Corp. saw its third-quarter attributable net income more than double to P306.6 million from P139.84 million a year earlier, driven by higher gold and copper prices.
In a disclosure on Wednesday, the company reported a 22.6% increase in its core net income to P199.79 million in the three months ended September from P163 million last year.
“Average realized gold prices in the third quarter were higher at $2,336 per ounce compared with the $1,927 per ounce in the third quarter of 2023,” the company said.
“Realized copper prices for the third quarter stood at $4.59 per pound, higher than the $3.73 in the third quarter of 2023,” it added.
This brought the company’s top line to P2.12 billion in the July-to-September period, up 17.9% from P1.8 billion.
However, the company incurred higher costs in the third quarter, totaling P1.89 billion. This represents a 15.67% increase from P1.63 billion in the same period last year, which may be attributed to the company’s higher tonnage milled this year.
For the July-to-September period, the company milled 1.77 million tons, up 4.5% from 1.693 million tons last year. Gold output was at 7,801 ounces, while copper output was at 4.951 million pounds.
Meanwhile, the company saw a decline in attributable net income to P636.03 million in the first nine months. This was 24.6% lower than the P843.98 million seen in the same period last year.
This was also reflected in the 29.4% decrease in its core net income to P610.13 million from P864.34 million a year prior.
The company’s nine-month revenues were higher at P6.1 billion, representing a 2.4% increase from P5.96 billion a year ago. This was dampened by a 7.8% increase in costs to P5.36 billion from P4.97 billion in 2023.
SILANGAN PROJECT
There is a need to expedite the development of the Silangan Copper and Gold Project in Surigao del Norte to take advantage of current market conditions, according to Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr.
“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 Mr. Austin.
“We are still on track to see our first metal output during the process plant’s debugging stage starting Feb. 2026, with the target of starting commercial operation within the first quarter of 2026,” he added.
Philex Mining said that the Silangan project is already in its final stages as “the main access decline to the Boyongan Ore Body is less than 50 meters.”
Once finished, Philex Mining subsidiary Silangan Mindanao Mining Co., Inc. is said to commence production on the first mining level, while works at the ventilation exhaust shaft and other ancillary services are continuing as planned, according to the company.
Civil works for the construction of the process plant have already commenced, while works on the Tailings Storage Facility are on track to finish by June 2025, it added.
Mr. Austin also said the company is evaluating the possible extension of Padcal’s mine life beyond 2027.
On Wednesday, shares in Philex Mining fell by 2.17% or seven centavos to close at P3.15 each.
Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.
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