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November 27, 2015 11:39 PM ET

Metals and Mining

Company Overview of Philex Mining Corp.

Company Overview

Philex Mining Corporation, together with its subsidiaries, engages in the exploration, development, and utilization of mineral, and oil and gas resources in the Philippines. The company holds interests in the Padcal mine that produces copper concentrates containing copper, gold, and silver covering an aggregate of 95 hectares located in Benguet Province; and the Silangan project covering the Boyongan and Bayugo copper-gold deposits located in Surigao. It also owns interests in various service contracts for the acquisition, exploration, and development of oil and gas properties; and the production of hydrocarbon products in the Philippines and Peru. The company was incorporated in 1955 and is...

Philex Building

27 Brixton Street

Pasig City,  1600


Founded in 1955

2,575 Employees


63 2 631 1381


63 2 633 3234

Key Executives for Philex Mining Corp.

Philex Mining Corp. does not have any Key Executives recorded.

Philex Mining Corp. Key Developments

Philex Mining Corp. Elects Michael Victor N. Alimurung as New Director

The Board of Philex Mining Corp. approved the election/nomination of SSS Commissioner Michael Victor N. Alimurung as a new Director of company to fill up the position vacated by former Director Ms. Eliza Bettina R. Antonino. Mr. Alimurung shall likewise assume Ms. Antonino's membership in the Board's Audit Committee and Risk Committee. The effective date of appointment is November 25, 2015.

Philex Mining Corp. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2015

Philex Mining Corp. reported unaudited consolidated financial results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenue of PHP 2,370,929,000 against PHP 2,518,478,000 a year ago. Income from operations was PHP 297,987,000 against PHP 423,420,000 a year ago. Income before income tax was PHP 288,939,000 against PHP 540,325,000 a year ago. Net income attributable to equity holders of the parent company was PHP 244,350,000 or PHP 0.1409 per basic and diluted share against PHP 577,856,000 or PHP 0.1558 per basic and diluted share a year ago. Operating revenue was PHP 2,182,913,000 against PHP 2,385,010,000 a year ago. EBITDA reached PHP 696.2 million from PHP 769.8 million last year. Core net income amounted to PHP 291.8 million as against PHP 342.1 million in 2014. For the nine months, EBITDA was PHP 2,235,228,000 against PHP 2,516,020,000 a year ago. Capital expenditures increased to PHP 1.146 billion in 2015 from PHP 1.409 billion in 2014, which were attributed to the sustaining capital expenditure of Padcal Mine.

Philex Mining Corp. Provides Mine Update

Philex Mining Corp. announced updated summary of remaining proved reserves as of December 31, 2014, reflecting additional reserves of 20 million tones and extending Padcal's life of mine by two years from 2020 to 2022. An engineering study was done on mining the mineral resource from 600-800ML based on the March 20, 2015 ore resource disclosure by Mr. Noel C. Oliveros, a competent person for exploration and mineral resource estimation. The operating cost of PHP 810 per tone used in the estimate is higher than the PHP 688 per tone used in the December 31, 2013 estimate. This gives a higher break-even grade in terms of Percent Copper Equivalent. Mineable reserves of 18.3 million tones are estimated from the 800-600 ML mineral resource translating to an increase of 12.5 million tones compared to the 5.8 million tones that was earlier disclosed last March 23, 2015 to be mined at 745 ML. These reserves will be mined via Sub-Level Caving method at 760 ML, 730 ML and 700 ML. The Sub-Level Caving mining method has been used extensively at the 840 ML and the 867 ML.

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