Bilyonaryo | April 25, 2025

Despite the operational challenges of an ageing mine, Philex Mining led by bilyonaryo Manny V. Pangilinan delivered solid results in the first quarter of 2025, posting a 14% jump in net income to ₱131 million, up from ₱115 million in the same period last year.

Core net income stood at ₱71 million, while EBITDA improved to ₱329 million, compared to ₱295 million in Q1 2024.

The uptick was driven by stronger gold and copper prices, with average gold hitting US$2,587 per ounce (up from US$2,061) and copper rising to US$4.32 per pound (from US$4.00). As a result, operating revenues climbed to ₱1.896 billion, from ₱1.738 billion a year ago.

However, operating costs also rose to ₱1.764 billion, compared to ₱1.643 billion, which weighed on margins.

At the core of Philex’s operations is the Padcal Mine, which milled 1.602 million tonnes in Q1 2025 — slightly up from 1.585 million tonnes in Q1 2024. The mine produced 6,083 ounces of gold and 4.595 million pounds of copper, both slightly lower than last year’s output.

“Operating an ageing mine like Padcal comes with serious challenges, but the dedication of our workforce keeps us moving forward,” said Philex President and CEO Eulalio Austin Jr.

Meanwhile, development at the Silangan Project is picking up pace with the arrival of key equipment. The mine is on track to begin commercial operations by Q1 2026, providing much-needed reinforcement to Padcal’s waning production.

“It’s crucial we bring Silangan into production on schedule,” Austin added. “With commodity prices holding strong, we’re maximizing what’s left at Padcal while preparing for the future.”

Source: Bilyonaryo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.