Philex Mining output down

THE MINERAL output of Philex Mining Corp. dropped by 7.5% last month, the listed miner told the stock exchange yesterday.

Philex Mining, the country’s largest miner, said output stood at 663,762 dry metric tons (MT). It produced 272,457 grams of gold, 1.201 million kilograms of copper, and 271,877 grams of silver in August, lower than the July output of 329,717 grams of gold, 1.368 million kilograms of copper, and 321,297 grams of silver.

The provisional value of the mineral output also dipped by 7.8% to P795 million, broken down as follows: P408 million for gold, P381 million for copper, and P6 million for silver.

Philex Mining ships its mineral output to Japan.

The miner operates the Padcal copper and gold project in Benguet. Commercial operations in Padcal mine have been extended to 2017 from 2014 given the discovery of more reserves.

The company is aiming to start operations in its Boyongan gold and copper mine in Surigao del Norte by 2014 to sustain operations for up to 20 more years.

In February, Philex Mining assumed full control of the 5,184-hectare mine after it bought a 50% equity from Anglo American Exploration (Philippines) BV for $55 million. Anglo American had said the project was not feasible.

Philex Mining shares were unchanged at P10.25 apiece yesterday.

Meanwhile, the local unit of Canadian miner TVI Pacific, Inc. has completed its sixth shipment of copper concentrates.

TVI Resources Development, Inc. said it sold approximately 5,264 dry MT of copper concentrates, or copper with ore, worth $5.4 million to Switzerland’s MRI Trading AG on Aug. 31.

The copper concentrates were obtained from the Canatuan property in Zamboanga del Norte.

So far, the Canatuan Mine has produced approximately 31,300 dry MT of copper concentrates, of which 29,705 dry MT worth $34.1 million have been sold through the offtake agreement with MRI Trading.

In November last year, TVI Resources agreed to sell all of its copper concentrate production to MRI Trading, one of the largest global copper concentrate trading houses, for five years.

Funds from the sale of copper concentrates would be spent for working capital and debt service, the miner said.

Last month, TVI Resources shipped 5,317 dry MT of copper concentrates valued at $5.1 million to MRI Trading.

About 5,000 dry MT of concentrates will be shipped every four weeks depending on specific shipping and marketing arrangements, the miner said. (Business World)

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