Philex Mining posts record H1 profit
August 1st, 2011
Filed under: Mineral - Gold, Operator - Philex
The Philippines’ top gold and copper miner Philex Mining Corporation posted record profits in the H1 on strong metal prices and output and expects to meet production goals in the H2.
The company said that net profit more than tripled to PHP 3.22 billion from PHP 965 million in the H1 of last year. Core profit surged 188% to PHP 2.84 billion in the same period.
Mr Manuel Pangilinan chairman & CEO of Philex said that “We are anticipating that the company’s whole year results could again be setting new record levels. He expects metal prices to remain strong and the firm’s Padcal mine to hit its production goals in the H2.
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