PHILEX Mining Corp. suffered a 22-percent slide in its core net income in 2024 at P746 million from P963 million in 2023.
The company said in a statement on Thursday the dismal performance was driven by lower ore output.
Philex Mining said its total ore tonnage milled in 2024 reached 6.809 million tons, 0.6 percent lower than 2023’s 6.853 million tons.
It said its gold output for 2024 stood at 30,702 ounces, a 19 percent slump from 2023’s 37,784 ounces while copper output hit 19.780 million pounds, a 7 percent drop from 2023’s 21.298 million pounds.
Philex Mining’s operating revenues increased by 5.8 percent P8.18 billion in 2024 from 2023’s P7.73 billion.
“In 2025, we will navigate the challenges of operating an old yet viable mine like Padcal and commissioning a new mine like Silangan… Padcal still has the potential and we are looking at pulling out all the stops, so to speak, to ensure its survival in its projected 2028 mine life and even beyond,” said Eulalio Austin Jr., Philex Mining president and chief executive officer.
The company’s existing Padcal mine in Benguet is currently its only operating asset but Philex Mining is preparing the Silangan copper and gold project in Surigao Del Norte.
