PSE Circular for Brokers No. 129-00

January 20, 2000 PSE CIRCULAR FOR BROKERS NO. 129-00 December 29, 1999 Philippine Stock Exchange Exchange Road, Pasig City SUMMARY OF PRODUCTION AND SHIPMENTS December 1999 Gentlemen: I. Philex Mining Corporation Copper Operations During November, 565,866 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totaled 7,088 DMT of concentrate averaging 27.43% of copper, 63.56 grams/DMT of gold and 70.18 grams/DMT of silver. The estimated contents of this output were 1,944,534 kilograms (4,286,958 Ibs) of copper, 523,652 grams (16,836 ozs) of gold, including bullion, and 501,726 grams (16,131 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P309 million. cdll Shipments A copper concentrate shipment of 5,792 WMT as well as gold bullion shipments containing 2,433 ozs of gold and 136 ozs of silver were effected during the month in review with a corresponding gross value of P260.21 million. For the current month, two copper concentrate shipments are scheduled. Details will be announced in our next report. Philex Gold Philippines, Inc. (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During November, the Bulawan Mine in Negros Occidental produced 99,710 grams (3,206 ozs) of gold and 183, 759 grams (5,908 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P41.7 million Shipments During the same period, 3,772 ozs of gold and 6,620 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of 46.3 million. cdlex Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman, President & CEO