The slowdown reflects broader commodity headwinds and a dip in core earnings, which plunged 67 percent to P136 million from P410 million a year earlier.
Costs up, copper weak
Operating revenues in the second quarter dipped 17 percent year-on-year to P1.86 billion, while first-half revenues dropped 5.5 percent to P3.76 billion. Total costs and expenses rose to P3.53 billion, up 1.8 percent from the same period last year.
Realized copper prices in the second quarter fell to $4.09 per pound, down from $4.45 last year, while gold prices rose to $2,504 per ounce, up from $2,008, helping cushion the revenue drop. First-half gold output totaled 12,852 ounces, and copper output reached 9.38 million pounds.
Silangan project in focus
“We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026,” said Philex president and CEO Eulalio Austin Jr.
“With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we’ve begun drives at the first production level. We are likewise building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end. Construction on all other ancillary facilities continues and is progressing steadily, with the tailings storage facility ready to accept tailings before the year ends and power infrastructure already in place," he added.
—Edited by Miguel R. Camus
