PANGILINAN-LED Philex Mining Corp. saw its second-quarter (Q2) attributable net income decline by 20.5% year on year to P170.81 million due to lower gold and copper output.
Operating revenues dropped by 17% to P1.86 billion, while costs increased by 3.3% to P1.77 billion for the three months ending June, the mining firm said in a stock exchange disclosure on Tuesday.
Gold production from April to June 2025 reached 6,769 ounces, down from 7,962 ounces in the same period a year earlier, Philex said.
Its copper output also fell to 4.788 million pounds from 5.133 million pounds.
Average realized gold prices in the second quarter of 2025 rose to $2,504 per ounce from $2,008 per ounce a year earlier, the company said.
Realized copper prices during the second quarter fell to $4.09 per pound from $4.45 per pound in the same period of 2024.
Philex’s attributable net income for the six-month period ended June dropped by 8.5% to P301 million.
Revenues decreased by 5.3% to P3.76 billion, while costs and expenses slightly increased by 1.8% to P3.53 billion.
Despite sluggish financial performance, the company remains “positive” about the continued development works at its Silangan Copper and Gold Project in Surigao del Norte.
“We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026,” said Philex President and Chief Executive Officer Eulalio Austin, Jr. “With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we’ve begun drives at the first production level.”
Mr. Austin said that the company is also building up an ore stockpile from its first production drifts that would feed a process plant it seeks to commission by yearend.
“Construction on all other ancillary facilities continues and is progressing steadily, with the tailings storage facility ready to accept tailings before the year ends and power infrastructure already in place,” he said.
At the local bourse on Tuesday, shares of the company closed unchanged at P5.79 apiece. — Sheldeen Joy Talavera and Kyle Aristophere T. Atienza
