Philex Mining's net income reached P1.162 billion

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PHILEX Mining Corp., one of the oldest and largest gold and copper producers in Southeast Asia and a leader in right and principled mining, increased its core net income from P865 million for the nine months ended Sept. 30, 2020, to P1.162 billion for the full year 2020, which is 645 percent higher than the core net income of P156 million in 2019.

Sustained increasing trends of prices of gold and copper continue to drive the revenues of the company.

Realized gold prices were at its highest level in the third quarter of 2020 reaching US$1,915 per ounce, while copper reached $3.43 per pound in December 2020.

With favorable metal prices coupled with higher metal output, total operating revenues, net of smelting charges, reached P7.834 billion, a 15 percent jump from 2019 operating revenues of P6.790 billion. (PR)