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...
27 Brixton Street
Pasig City, 1600
Founded in 1955
Philex Mining Corp. Appoints Joan A. De Venecia as Vice President and General Counsel, Effective August 01, 2015
Jul 6 15
Philex Mining will announced the appointment of Joan A. De Venecia as Vice President and General Counsel. The effective date is August 01, 2015.
Philex Mining Corp. Announces Resignation of Benjamin R. Garcia as Svp-Human Resources, Effective August 31, 2015
Jun 5 15
Philex Mining Corp. announced resignation of Benjamin R. Garcia as SVP-Human Resources, effective August 31, 2015, due to some personal reason.
Philex Mining Corp. Announces Unaudited Consolidated Production and Earnings Results for the First Quarter Ended March 31, 2015
May 5 15
Philex Mining Corp. announced unaudited consolidated production and earnings results for the first quarter ended March 31, 2015. For the first quarter, total tonnes milled from the company's Padcal mine was 7% lower at 2,221,369 tonnes from 2,396,077 tonnes in 2014. Despite the 7% reduction in tonnes milled, gold production was only 2% lower at 25,997 ounces covering three full months of operation in 2015 from 26,442 ounces for the same period in 2014 due to the 7% improvement in recovery rate. While gold head grade at 0.435 grams per tonne in the first quarter of 2015 was 1% lower than last year's 0.439 grams per tonne, this decline was not as significant as originally expected. Likewise, copper production was lower at 8,361,419 pounds in 2015 compared with 9,468,009 pounds in 2014. The decrease in tonnage, coupled with the 9% lower head grade of 0.204% from 0.223% in 2014, resulted in the significant drop in copper production in 2015 against 2014, despite the 4% improvement in recovery rate.
For the quarter, the company reported net cash from operating activities of PHP 460,389,000 compared to PHP 1,259,046,000 a year ago. Additions to property, plant and equipment was PHP 317,620,000 compared to PHP 568,611,000 a year ago. For the first quarter of 2015, capital expenditures and explorations costs amounted to PHP 1.253 billion from PHP 1.530 billion in 2014. The company's core net income decreased 23% to PHP 214.5 million in 2015 compared with PHP 278.4 million in 2014 as a result largely of comparatively lower realized metal prices. Meanwhile, EBITDA amounted to PHP 718.1 million in the first quarter 2015 compared with PHP 907.8 million in 2014. The company's core net income and EBITDA excludes non-recurring transactions to clearly reflect and provide results based on the normal operating parameters of the business.