PANGILINAN-LED Philex Mining Corp. saw its attributable net income decline by 20% to P810 million in 2024 from P1.02 billion a year earlier, as higher costs outpaced revenue growth.
Core net income also dropped 22% to P746 million from P963 million, the company said in a disclosure.
While revenues grew 6% to P8.18 billion from P7.73 billion, operating costs and expenses climbed 9% to P7.3 billion, driven by higher production costs, increased depletion and depreciation, and rising administrative expenses.
Philex reported that depletion, amortization, and depreciation expenses surged to P904.6 million from P698.4 million in 2023.
Production costs increased to P5.61 billion from P5.21 billion, while excise taxes and royalties edged up to P523.98 million from P522.5 million. General and administrative expenses also rose to P260.39 million from P242.42 million.
Despite these cost pressures, the company said higher global gold and copper prices helped offset some of the impact. Gold prices reached $2,419 per ounce in the fourth quarter, while copper peaked at $4.57 per pound before settling at an average of $4.32 per pound for the year.
Philex also noted that its total tonnage milled in 2024 was slightly lower at 6.81 million tons, compared with 6.85 million tons in 2023.
Meanwhile, the company reported progress on its Silangan Project in Surigao del Norte, saying that the underground main access decline has reached the Santa Barbara 1 ore body. Key processing equipment, including a SAG mill and atmospheric leach feed thickener, has been delivered and is ready for installation.
“In 2025, we will navigate the challenges of operating an old yet viable mine like Padcal and commissioning a new mine like Silangan,” Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr. said.
Philex Mining shares closed 1.99% lower at P4.93 apiece on Thursday. — Kyle Aristophere T. Atienza
