PSE Circular for Brokers No. 1245-98
PSE Circular for Brokers No. 1245-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 4, 1998
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June 4, 1998 PSE CIRCULAR FOR BROKERS NO. 1245-98 May 30, 1998 Philippine Stock Exchange Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS APRIL 1998 Gentlemen: I. Philex Mining Corporation Copper Operations During April, 585,879 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totaled 7,572 DMT of concentrate averaging 27.40% of copper, 47.42 grams/DMT of gold and 60.20 grams/DMT of silver. The estimated contents of this output were 2,074,919 kilograms (4,574,408 lbs) of copper, 424,407 grams (13,645 ozs) of gold, including bullion, and 459,514 grams (14,774 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P332.9 million. Shipments A copper concentrate shipment of 5,040 WMT as well as gold bullion shipments containing 2,159 ozs of gold and 113.36 ozs of silver were effected during the month in review with a corresponding gross value of P214.7 million. 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 April, the Bulawan mine in Negros Occidental produced 157,073 grams (5,050 ozs) of gold and 83,388 grams of (2,681 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, or P73,121 million. Shipments During the same period, 5,202 ozs of gold and 4,666 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P63.7 million. Sibutad Mine During April, the Sibutad mine in Zamboanga del Norte produced 10,980 grams (353 ozs) of gold and 48,926 grams (1,573 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P4.6 million. The mine is in pre-commercial operation. Shipments During the same period, 290 ozs of gold and 1,056 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P3.7 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) ALFREDO A. FIGUERAS SVP-Treasurer
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