LISTED PHILEX Mining Corp.’s metal output and shipments rose in terms of value in the eleven months to November on the back of higher metal prices.
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In a statement yesterday, the miner said that the estimated value of ore from its Padcal mine in Benguet reached P14.92 billion for the January-to-November period, up by 27% from the P11.75 billion in the same period last year.
Philex said the value of its shipments for the January-to-November period, meanwhile, climbed 19% to P12.58 billion from last year’s P10.57 billion.
However, for the month of November, the value of its metal output reached P1.403 billion, 1.2% lower than the P1.420 billion a year ago.
The miner’s ore shipments for November, meanwhile, was valued at P1.105 billion, down 53.2% from the P2.36 billion in the same month last year.
First Pacific, a majority owner of Philippine Long Distance Telephone Co. (PLDT), is the single largest shareholder in Philex with around 46.4% stake.
Mediaquest Holdings, Inc., a unit of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld.
Shares of Philex last traded at P22.30 apiece yesterday, down by 2.19% from the previous day’s P22.80. - (Business World Online / by Louella D. Desiderio)
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