Philex Mining Corporation

Shares of Philex, on the other hand, have surged to an all-time high due to factors not related to Atlas. Instead, investors are awed by the $22-billion estimated amount of copper and gold reserves at its Silangan project in Surigao del Norte.

In any case, the mining sector is widely expected to remain as the outperformer in the stock market this year.—Doris C. Dumlao
Hope so, mining could greatly help our economy.

On a different note, Ben Bernanke said that commodity prices are transitory. Meaning this is just a phase and this will end. Remember in the mining business, its not the presence of reserves that's critical, for most of the time, its really there. It's the timely shipment of those ores and getting the high price that wins the battle.
The World is a Vampire . . .
Philex open to raising 5% stake in Lepanto

MANILA, Philippines - Philex Mining Corp. chairman and CEO Manuel V. Pangilinan said yesterday they are open to increasing their economic stake in Lepanto Consolidated Mining Co. from the present five percent to what is available for sale.

On the sidelines of yesterday’s Philex stockholders meeting, Pangilinan said “if there are Lepanto shares available, then we will look at them.”

“If Lepanto is open to increasing our economic stake in that company, then we are prepared to increase our economic interest,” he said.

Philex earlier purchased a five-percent stake in Lepanto in order to participate in the latter’s Far Southeast gold project.

Lepanto owns a controlling stake in Manila Mining Corp., a company which earlier entered into a joint venture with Philex involving the Kalayaan project. Philex will have a 60-percent equity in the project.

In 2010, Philex posted its second highest level of reported net income in its entire history as well as the highest level of EBITDA (earnings before interests, taxes, depreciation and amortization) at P66 billion.

Capital expenditures last year reached P2.64 billion, of which P1.38 billion went into the Padcal project and the remaining P1.25 billion for other exploration projects.

Revenues last year hit P13.4 billion, the highest in Philex’s history. Of this, 54 percent came from gold (P7.2 billion) and 43 percent from copper (P5.7 billion).

During the first quarter of this year, Philex posted a core net income and reported net income of P1.3 billion.

Pangilinan said production has been up during the first half of 2011 and prices are higher. “We are seeing better first half results in terms of core income and we expect better full year results,” he added.

Asked whether Philex is interested in acquiring a stake in Atlas Mining, he said that “they are always open to anything that is value enhancing.”

But he emphasized that there have been no preliminary talks with the owners of Atlas Mining on the matter.

Philex has also spun off its petroleum assets to Philex Petroleum, which will be 36 percent owned by shareholders of Philex Mining.

GOGOGOGOGOGGOOGOGOGO PX This is gonna be fast and furious
super cycle parabolic.... Smile
Philex ore output from Padcal mine up 57.5% to P8.12B in H1

MANILA, Philippines - Philex Mining Corp., the country’s largest gold producer, said ore production from its Padcal mine increased 57.5 percent in the first half this year on the back of higher output and rising metal prices.

In a disclosure to the Philippine Stock Exchange, Philex said the value of ore produced from January to June 2011 amounted to P8.12 billion, compared with P5.16 billion in the same period last year.

The mine has produced a total of 4.66 million dry metric tons (DMT), up seven percent from the previous year’s 4.36 million DMT.

For the month of June alone, Philex reported that the total estimated value of production reached P1.4 billion, 48 percent higher than the P947 million worth of ore mined in the same month last year.

Philex president Jose Ernesto C. Villaluna Jr. said the Padcal mine delivered 810,266 DMT of ore resulting in 5,812 DMT of concentrates containing 65.04 grams of gold, 25.6 percent copper and 60.68 grams of silver per DMT.

This translated to 12,153 ounces of gold worth P793 million, 3.28 million pounds of copper valued at P600 million and 11,338 ounces of silver worth P17 million.

The provisional metal prices for the period was at $1,507 per ounce of gold, $4.22 per pound of copper, and $35 per ounce of silver at the exchange rate of P43.33 to the dollar.

Also last month, Philex made two shipments with a total estimated value of P2.33 billion compared to one shipment worth P922 million in June last year.

Total estimated value of concentrates shipped in the first half of 2011 rose 68 percent to P7.05 billion from P4.2 billion in the same period last year of higher metal prices as well as the higher number of shipments.

The first shipment last June was worth P1.17 billion and contained 10,236 ounces of gold worth P674 million, 2.7 million pounds of copper worth P476 million and 9,631 ounces of silver valued at P15 million.

The second June shipment of concentrates was estimated to be worth P1.16 billion consisting of 10,029 ounces of gold valued at P660 million, 2.75 million pounds of copper worth P484 million, and 9,626 ounces of silver worth P15 million.
Goldman bullish on commodity prices gold and copper included. May bode well for AT Holders.
The World is a Vampire . . .
Philex Mining posts record H1 profit

MANILA, Philippines - The Philippines' top gold and copper miner Philex Mining Corp. said on Thursday it posted record profits in the first half on strong metal prices and output and expects to meet production goals in the second half.

Net profit more than tripled to P3.22 billion ($76 million) from P965 million in the first half of last year, the company said in a statement on Thursday.

Core profit surged 188 % to P2.84 billion in the same period.

"We are anticipating that the company's whole year results could again be setting new record levels," Philex chairman and chief executive Manuel Pangilinan said in the statement, adding he expects metal prices to remain strong and the firm's Padcal mine to hit its production goals in the second half.

The $2.8 billion miner, controlled by Hong Kong's First Pacific Co. Ltd., had net profit of P3.96 billion and core profit of P4.15 billion in 2010.

Shares of Philex gained 0.4% in early deals on Thursday, as the broader market index slipped 0.17%.

Early this month, Pangilinan told Reuters Philex expects to extend the life of its Padcal mine in the northern Philippine province of Benguet up to 2019 from an original plan to close the mine in 2014.

Philex was open to forging joint ventures to develop its $1 billion Silangan project, comprising the Boyongan and Bayugo copper-gold prospects, in Surigao del Norte in the southern Philippines, Pangilinan had also said.

Last month, Philex said Silangan contained 5 billion pounds of copper and 9 million ounces of gold.

The project is adjacent to the Kalayaan copper-gold prospect in the southern Mindanao region which Philex said it planned to explore with partner Manila Mining Corp.

"In the medium term, we will continue to advance the Silangan Project and, in due course, the Kalayaan Project, to put them into commercial operation at the earliest possible time," Pangilinan said on Thursday.

PX. finally back to our regular scheduled programming.
buy high, sell higher!

stock market abbreviations (for newbies)

"when it comes to trading, i'm just barely smart enough to realize that i'm a total idiot. i might be considered stupid, but on the intelligence scale, it puts me comfortably ahead of all the dumber people who thinks they're better than me."

PX looking great. Tama ka sir glenchuy, back to regular scheduled programming. Smile

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