Philex Mining's July precious metals exports hit P964-M

ABS-CBN News

Posted at Aug 03 2010 02:50 PM | Updated as of Aug 03 2010 10:50 PM

MANILA, Philippines - Miner Philex Mining corp.'s exports of precious metals in July totaled P964 million.

In a regulatory filing at the Philippine Stock Exchange on Tuesday, Philex said that it shipped out gold worth P538 million, P418 million from copper, and P8 million from silver.

Gold production in July amounted to 10,046 ounces, 2.794 million pounds of copper and 10,151 ounces of silver.

The value of Philex's exports in July are higher despite a lower metal output from a year earlier due to favorable prices in the world market.

On Monday, the uptrend in gold prices continued as the euro firmed up to a 3-month high against the dollar, while prices of other commodities such as crude oil climbed on rising equity markets.

Spot gold rose as high as $1,190 in New York, with US gold futures for August delivery going up to $1,188 an ounce.

Prices of silver for September delivery settled at a one-month high, rising 41.6 cents, or 2.3%, to $18.419 an ounce.

Copper prices slipped on Tuesday, trimming gains from the previous day's rally to settle at $7,435 a ton at the London Metal Exchange.

Shares of Philex slipped 0.7% to P10.44 on Tuesday.