MANILA, Philippines — Philex Mining Corporation, the country’s most profitable mining company, reported a 6 percent increase in output from its Padcal mine last January to 811,685 dry metric tons from 766,584 DMT in the same month last year.

Based on the firm’s disclosure to the Philippine Stock Exchange, the estimated value of the month’s production is P1.3 billion, consisting of P777 million from gold, P505 million from copper and P14 million from silver.

The estimated value is based on provisional metal prices of $1,741 per ounce of gold, $3.85 per pound of copper, and $33.60 per ounce of silver at the exchange rate of P42.87 to $1, reflecting a stronger peso compared to last year.

The 811,685 DMT of ore produced by the Padcal mine resulted in 5,530 DMT of concentrates containing 56.88 grams of gold per DMT, 25.12 percent copper, and 54.37 grams of silver per DMT.

Output is equivalent to 10,408 ounces of gold, 3.06 million pounds of copper and 9,687 ounces of silver.

In comparison, for December 2011, Philex said the Padcal mine delivered 819,938 DMT of ore resulting in 5,839 DMT of concentrates containing 57.34 grams of gold per DMT, 24.73 percent copper and 56.24 grams of silver per DMT.

This resulted in the production of about 10,767 ounces of gold worth P743 million, 3.18 million pounds of copper valued at P478 million and 10,559 ounces of silver worth P13 million.

The estimate is based on provisional metal prices of $1.574.50 per ounce of gold, $3.43 per pound of copper, and $28 per ounce of silver at the exchange rate of P43.84 to $1.00.

Philex raised the value of ore produced from its Padcal mine by 22 percent to an estimated P16.15 billion in 2011 from the estimated P13.24 billion in the previous year.

Based on disclosures to the Philippine Stock Exchange, Philex shipments last year was also worth 14.42 percent more at P14.82 billion compared to P12.95 billion in 2010 as metal prices continue to be high.

Production volume was slightly higher last year at 9.49 million dry metric tons of ore from 9.36 million DMT in 2010 while shipment volume was almost the same at 65,133 DMT of oncentrates in 2011 from 65,361 DMT in the previous year. (James A. Loyola)