Philex Gold Output Up In May; Mine Output Value Rises To PHP867 Mln

MANILA, Jun 04, 2010 (Dow Jones Commodities News Select via Comtex) -- Philippine gold and copper producer Philex Mining Corp. (PX.PH) said Friday it produced metals worth PHP867 million ($18.6 million) in May, up 3.1% from the PHP841 million posted in April due mainly to increases in both output and gold prices.

Philex said that gold production rose to 8,714 troy ounces in May from 8,021 ounces in April, while the provisional price used to estimate the value in May was $1,211 per ounce, up from $1,177/oz in April.

The higher output and price of gold helped offset a decline in copper production to 2.56 million pounds in May from 2.76 million/lb in April, while the price slipped to $3.14/oz from $3.34/oz in April.

The company said that silver production rose to 8,824 ounces in May from 8,274 ounces in April. The price of silver, meantime, decreased in May to $18.53/oz from $18.62/oz.