Philex ships out P745M worth of metals in Jan

ABS-CBN News

Posted at Feb 10 2009 01:45 PM | Updated as of Mar 10 2009 05:31 AM

Publicly listed firm Philex Mining Corp. said Tuesday it shipped out P745 million worth of precious metals in the first month of the year.

This was slightly lower than the P800 million worth of shipments Philex made in December.

Philex president Ernesto Villaluna Jr. said that the company treated 752,261 dry metric tons of disseminated copper-gold at its Banget flotation facilities and produced 3.214 million pounds of copper, 377,400 ounces of gold, and 11,817 ounces of silver.

Last week, Philex said it already has full control over the Bongoyan copper-gold project in Surigao province after acquiring the 50-percent stake of Anglo American Plc. in the mine project through its 81-percent owned subsidiary, Philex Gold Philippines Inc.

The acquisition was done via a share and asset purchase agreement valued at $55 million.