Padcal mine output reaches P1.113B in April
May 05, 2012 (Menafn - The Manila Times - McClatchy-Tribune Information Services via COMTEX) --The country's biggest miner on Friday said that the value of metals produced from its Padcal mine in Benguet province reached P1.113 billion in April this year.
In a disclosure to the Philippine Stock Exchange, Philex Mining Corp. said that of the total amount, some P627 million is from gold, P474 million from copper, and P12 million from silver.
"The estimated value of production in April 2012 was based on provisional metal prices of 1,1657 per ounce gold, 3.87 per pound copper, and 31.20 per ounce of silver at the exchange rate of P42.205 to a dollar," Philex said.
During the period, the Padcal mine delivered 711,331 dry metric tons of ore resulting in 5,319 DMT of concentrates containing 52.47 grams per DMT of gold, 24.77 percent copper, and 51.39 grams per DMT of silver.
This resulted to 8,973 ounces of gold; 2,904,065 pounds of copper; and 8,788 ounces of silver.
Meanwhile, Philex said that it has successfully concluded two shipments in April containing an estimated 16,614 ounces of gold; 5,375,503 pounds of copper; and 16,692 ounces of silver.
The shipment of 10,013 DMT of concentrates have an estimated gross value of P2.057 billion, of which P1.174 billion is from gold, P860 million from copper, and P23 million from silver--based on the average provisional metal prices of 1,659 per ounce of gold, 3.75 per pound of copper, and 31.98 per ounce of silver.
Earlier, Philex reaffirmed the extension of the Padcal's mine life from the earlier target of September to 2017 to December 2020, based on the evaluation of the mine's reserves of 80.8 million tons as of December 2011.
Although declining grades of ore are expected from Padcal, the extension of the mine life to 2020 ramps up reserves to 739,000 ounces of gold and 313.6 million pounds of copper for the next nine years.
The company is currently also active in exploring the areas surrounding the Padcal mine as part of its drive to prolong the mine's life to the optimum extent possible.
It has more than 15,000 hectares of open ground in which several areas have been targeted for drilling or are now being drilled.
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