Stock News 2011: Philex's 2011 shipments rise 58%

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Philex Mining Corporation, the country’s top gold producer, registered a 57.5 percent jump in the estimated value of ore production from its Padcal mine to P8.12 billion in the first half of 2011 from P5.16 billion in the same period last year.

The higher estimated production value is due to higher metal prices in the world market as well as higher output from the mine.

Based on the firm’s latest and previous disclosures to the Philippine Stock Exchange, output was 7 percent higher in the first semester the year at 4.66 million dry metric tons (DMT) from 4.36 million DMT in the same period in 2010.

For June alone, Philex reported that the estimated value of production amounted to P1.4 billion, 48 percent higher than the P947 million worth of ore mined in the same month last year.

http://mb.com.ph/node/325587/philex