Philex Mining sees 2023 as ‘promising year’

Pangilinan-led Philex Mining Corp. expects to rebound this year after the decline posted in 2022, driven by the additional mineable reserves it identified that extended its Padcal mine life.

According to Philex chairman Manuel Pangilinan, the growth projection comes even amid the lingering impact of the war in Ukraine and its adverse inflationary effect on food, power, and fuel.

“Our country will not be spared from this deceleration, but perhaps lesser than other economies. The main hurdles would be inflation and interest rates,” he said in a disclosure to the local bourse.

“That being said, we still expect Philex Mining to grow in 2023,” he added, citing the recent term sheet signed with Macawiwili Gold Mining and Development Co. Inc. (MGDMCI).

Philex also reported the confirmatory drillings successfully identified additional mineable reserves in its Padcal mine, extending its mine life from 2024 to 2027, which Pangilinan said were “both good starts to what looks like a promising year.”

“Add to this the expected developmental milestones in our ongoing Silangan project and the continued government support and it will be an exciting year for all of us,” Pangilinan said.

The company reported a net income of P1.795 billion, lower than the P2.431 billion reported in 2021. Revenues fell to P9.261 billion from P9.796 billion, while costs and expenses dropped to P4.864 billion from P4.488 billion.

Shares in Philex closed Monday at P2.81 apiece, down by P0.14 or 4.73% from last Friday’s finish of P2.96.—AOL, GMA Integrated News