LISTED Philex Mining Corp. saw its 2024 net income drop 20 percent to P810 million from P1.02 billion in 2023 on lower output and higher costs, which failed to offset the positive impact of higher gold and copper prices.
In a disclosure, Philex said core net income declined by 22 percent to P746 million in 2024 from P963 million a year earlier.It noted that gold and copper prices were at relatively higher levels throughout the year versus 2023 while the foreign exchange rate continued to improve through the fourth quarter of 2024.Realized gold prices reached $2,419 per ounce in the fourth quarter while copper prices settled at an average of $4.32 per pound, peaking at $4.57 per pound during the third quarter.
It added that gold ore grades dropped 16 percent toward the end of the year and copper ore grades dropped 7 percent.Full-year gold output also dropped by 19 percent to 37,784 ounces while copper output fell to 21.3 million pounds from 19.8 million pounds.For its Silangan project development, Philex said it had a major milestone with its underground main access decline reaching the Santa Barbara 1 ore body.
Mining Profit Plunges 20% On Lower Output
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