Philex Gold, Copper Output Rises In June; Value Up At PHP947 Mln

MANILA, Jul 05, 2010 (Dow Jones Commodities News Select via Comtex) -- Philippine gold and copper producer Philex Mining Corp. (PX.PH) said Monday its Padcal mine produced more metal in June, and with higher gold prices that helped to increase revenue to PHP947 million ($20.4 million) from PHP867 million in May.

Gold production in June rose to 9,832 troy ounces from 8,714 ounces the previous month, Philex said. The provisional price it used to estimate the value of that output stood at $1,242 an ounce, compared with $1,211/oz in May.

The improvement in gold prices and volume, along with higher output of copper, offset a decline in the price of copper price in June. Copper production increased to 2.73 million pounds from 2.56 million pounds in May, while price of the metal declined to $2.96 a pound from $3.14/lb.

Silver output rose to 9,806 ounces in June from 8,824 ounces, while the price per ounce used for the month rose to $18.74 from $18.53 in May.

The U.S. Dollar exchange rate used for June was PHP46.31, compared with PHP46.212 the previous month.