By JAMES A. LOYOLA
Philex Mining Corporation posted a historic high first quarter revenue of P4.02 billion, 4 percent higher than the P3.86 billion recorded in the same period last year on the strength of gold and copper prices in the global market.
However, the firm disclosed to the Philippine Stock Exchange that lower grade and metal recoveries at the Padcal Mine in Benguet Province kept core net income steady at about P1.33 billion while reported net income was 3 percent lower at P1.27 billion from P1.31 billion last year.
Philex Mining chairman Manuel V. Pangilinan said the Company’s investment in its Silangan Project is necessary for the long-term develop¬ment of the Company.
“This is the time to sow. This is the time to put in significant investments in the Silangan Project – investments for the development of the mine, the capability development of the orga¬nization for its eventual operations, the technology and equipment to conserve the environment as well as investments into the long-term devel¬opment of our host and neighboring communities in Surigao del Norte,†Pangilinan said.
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=49799.0
