Philex Mining Corporation continues to register growth in value of ore shipped and produced from its Padcal mine on the back of rising metal prices and higher output.

Based on the firm’s disclosures to the Philippine Stock Exchange (PSE), Philex production for the first semester of the year rose 13.6 percent to an estimated P5.16 billion from P4.54 billion in the same period in 2009.

Ore output from the mine rose 7.7 percent to 4.46 million dry metric tons in the first half of the year from 4.05 million DMT in the same period last year.

On the other hand, ore shipments for the first seven months of 2010 amounted to P5.13 billion, up 12.2 percent from the estimated value of P4.57 billion of shipments during the same period last year.

The estimated value of shipments this year rose even though Philex made only six shipments this year amounting to 30,058 DMT of ore compared to seven shipments in January to July 2009 amounting to 35,048 DMT.

Philex president Jose Ernesto C. Villaluna, Jr. said gold production in June 2010 amounted to 9,832 ounces while the mine also yielded 2.73 million pounds of copper and 9,806 ounces of silver.

During the month, the Padcal mine delivered 751,244 DMT of ore resulting in 4,953 DMT of concentrates containing 61.55 grams of gold per DMT, 24.96 percent copper and 61.57 grams of silver per DMT.

The estimated value of the month’s production was based on provisional metal prices of $1,242 per ounce of gold, $2.96 per pound of copper, and $18.74 per ounce of silver at the exchange rate of P46.31 to the dollar.

At these prices, the provisional value of the mine output for June 2010 amounts to P947 million consisting of P566 million from gold, P373 million from copper, and P9 million from silver.

Meanwhile, Villaluna said Philex effected its shipment No. 671-Pan-Pacific last July 2 containing about 9,591 ounces of gold from 4,972 DMT of concentrates. It also included 2.69 pounds of copper and 9,591 ounces of silver as other products.