Philippine Stock Exchange Inc.
PSE Circular for Brokers No. 046-98 • Philippine Stock Exchange • Circulars for Brokers • Feb 4, 1998
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February 4, 1998 PSE CIRCULAR FOR BROKERS NO. 046-98 Philippine Stock Exchange Inc. Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS DECEMBER 1997 Gentlemen : I. Philex Mining Corporation Copper Operations During December, 608,617 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 8,355 DMT of concentrate averaging 27.55% of copper, 50.33 grams/DMT of gold and 64.56 grams/DMT of silver. The estimated contents of this output were 2,301,862 kilograms (5,074,730 lbs) of copper, 504,427 grams (16,218 ozs) of gold, including bullion, and 544,150 grams (17,495 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P384.024 million. Shipments Two copper concentrate shipments totalling 10,228 WMT as well as gold bullion shipments containing 2,687 ozs of gold and 147 ozs of silver were effected during the month in review with a corresponding gross value of P420.854 million. cdpr For the current month, one copper concentrate shipment is scheduled. Details will be announced in our next report. Philex Gold Philippines, Inc. (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During December, the Bulawan mine in Negros Occidental produced 185,616 grams (5,968 ozs) of gold and 325,498 grams (10,465 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P96.7 million. Shipments During the same period, 6,841 ozs of gold and 12,302 ozs of silver were sold with a corresponding gross value of P71.278 million. Sibutad Mine During December, the Sibutad mine in Zamboanga del Norte produced 49,563 grams (1,594 ozs) of gold and 56,671 grams (1,822 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P18.4 million. The mine is in pre-commercial operation. Mining has been temporarily suspended at the end of this month to allow for a change to a local contractor at lower cost, and is expected to resume in the second quarter. Leaching and consequent gold production will however continue in the interim. Shipments During the same period, 1671 ozs of gold and 2,736 ozs of silver were sold with a corresponding gross value of P19.102 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO
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