Philex Mining Corp's Production Jumps 80%

Philex Mining Corp the biggest gold producer in the Philippines said in a disclosure to the Philippine Stock Exchange that the estimated value of the output of its Padcal Mine had risen by 80% for the month of January as compared to January 2010.

The output of the mine located in Benguet province was 766,584 dry metric tons in January 2011 as compared merely 684,459 dry metric tons in January 2010. The output was valued at P 1.45 billion. In fact the Philex Mining Corp said that it would have earned P 1.24 billion from a single shipment made in January.

This included P 701 million worth of gold, P 529 million worth of copper and P 14 million worth of silver. The metals were priced at $1,347 per ounce for gold, $4.37 per pound for copper and $28.37 per ounce for silver on average.