WHAT HAPPENED?

For the entire 2018, Philex Mining saw its net income falling by 63 percent to P608 million from P1.7 billion in 2017 pulled down by its two-year losing streak in its gold and copper production. The company is now in the process of securing foreign financial advisers as it scouts for foreign investors for the project.

“It’s a challenging task to have this on board before closing Padcal,” Austin further said, adding that the company targets to complete the definitive feasibility study for the project by July this year. Once approved, Philex Mining, through Padcal mine, will be the first company since the passage of Philippine Mining Act in 1995 to formally implement Final Mine Rehabilitation and Decommissioning Plan (FMRDP). “The closure of Padcal mine will be opportunity for us to showcase that the end of mine life in the Philippines can be done with dignity,” Austin said. For the entire 2018, Philex Mining saw its net income falling by 63 percent to P608 million from P1.7 billion in 2017 pulled down by its two-year losing streak in its gold and copper production.

“Overall profitability was significantly weighed down by the impact of lower tonnage and head grade that was partially cushioned by lower smelting charges, lower cash costs and better foreign exchange on revenues,” the company earlier told the stock exchange. The company’s gross revenues also went down to P8.3 billion in 2018 from P9.9 billion in 2017. This, as its gold production from Padcal mine went down to 61,977 ounces in 2018 from 84,638 ounces in 2017 and 103,304 ounces in 2016. Austin said that with Padcal mine soon closing down, Philex Mining is not seeing any improvement in its gold output for the entire year.

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