Pangilinan-led Philex Mining Corp. reported a nine-month net income of P481.8 million, down 24.2 percent from P636.03 million in the same period a year ago due to mixed metal prices and lower output.
In a disclosure on Monday, the listed mining company said revenues rose by 2 percent to P6.28 billion.
Metal prices moved in opposite directions. Realized gold prices reached $2,874 per ounce, up 35 percent but copper prices dropped by 5.3 percent to $4.28 per pound.
For the reference period, gold and copper output totaled 19,534 ounces and 14.3 million pounds, respectively, down 17.1 percent and 3 percent.
‘The Silangan Copper and Gold Project in Surigao del Norte is progressing steadily and is now in its final stages of development, on track for first metal production in the first quarter of 2026,’ the firm said.