Philex Mining Corp. Records ₱1.23 Billion Net Income for 2020

Philex Mining Corp. recorded a net income of ₱1.23 billion for the year 2020. The profit comes from a 15% increase in revenue from ₱6.79 billion in 2019 to ₱7.83 billion.

In a statement, Philex said “Despite the COVID-19 related temporary shutdown, the company produced a total of 56,000 ounces of gold and 26.38 million pounds of copper (in 2020), higher than full-year 2019 production of 53,064 ounces of gold and 25.74 million pounds of copper,”

Eulalio B. Austin Jr., Philex president and chief executive officer, said the positive trend in prices and long-term outlook for gold and copper have boosted the interest of global investors in the company’s Silangan project despite the pandemic.

Manuel V. Pangilinan, Philex Chairman, said “Thankfully enough, Philex as an export-oriented company was permitted to operate by the government despite the community quarantine, providing revenues to allow us to concentrate on… the health and financial well-being of our employees; maintaining service excellence to our customers, and assistance to the government in caring for those most affected,”

“Mining shall and always will be a key economic driver towards inclusive national growth. Mining has the potential to provide much-needed revenue for the government’s response against the pandemic, particularly in the purchase of vaccines, if it is allowed to flourish,” Pangilinan added.

Source: BusinessWorld