PSE Circular for Brokers No. 1642-99
PSE Circular for Brokers No. 1642-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 6, 1999
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July 6, 1999 PSE CIRCULAR FOR BROKERS NO. 1642-99 June 25, 1999 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS MAY 1999 Gentlemen : I. Philex Mining Corporation Copper Operations During May, 556,119 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 6,516 DMT of concentrate averaging 26.76% of copper, 68.01 grams/DMT of gold and 76.31 grams/DMT of silver. The estimate contents of this output were 1,743,416 kilograms (3,843,571 lbs) of copper, 459,307 grams (14,767 ozs) of gold, including bullion, and 498,129 grams (16,015 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P229.4 million. prcd Shipments A copper concentrate shipment of 4,500 WMT as well as gold bullion shipments containing 362.31 ozs of gold and 20.32 ozs of silver were effected during the month in review with a corresponding gross value of P158.27 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 May, the Bulawan mine in Negros Occidental produced 235,353 grams (7,567 ozs) of gold and 324,101 grams (10,420 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P80.9 million. Shipments During the same period, 8,357 ozs of gold and 12,735 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P90.6 million. Sibutad Mine During May, the Sibutad mine in Zamboanga del Norte produced 7,720 grams (248 ozs) of gold and 4,681 grams (151 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P2.5 million. The mine is in pre-commercial operation. Shipments During the same period, 389 ozs of gold and 288 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P4.1 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman, President & CEO
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