PSE Circular for Brokers No. 1661-98
PSE Circular for Brokers No. 1661-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 20, 1998
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June 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1661-98 June 29, 1998 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS MAY 1998 Gentlemen : I . Philex Mining Corporation Copper Operations During May, 513,070 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 6,823 DMT of concentrate averaging 26.52% of copper, 42.73 grams/DMT of gold and 54.27 grams/DMT of silver. The estimated contents of this output were 1,809,310 kilograms (3,988,840 lbs) of copper, 356,023 grams (11,446 ozs) of gold, including bullion, and 373,971 grams (12,023 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P282.2 million. Shipments A copper concentrate shipment of 5,812 WMT as well as gold bullion shipments containing 2,078 ozs of gold and 112 ozs of silver were effected during the month in review with a corresponding gross value of P233 million. For the current month, two copper concentrate shipments are scheduled. Details will be announced in our next report. LexLib Philex Gold Philippines, Inc . (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During May, the Bulawan mine in Negros Occidental produced 150,634 grams (4,843 ozs) of gold and 147,151 grams (4,731 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P60.2 million. Shipments During the same period, 4,185 ozs of gold and 4,004 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P49 million. Sibutad Mine During May, the Sibutad mine in Zamboanga del Norte produced 11,104 grams (357 ozs) of gold and 34,152 grams (1,098 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P4.3 million. The mine is in pre-commercial operation. cdlex Shipments During the same period, 449 ozs of gold and 1,425 ozs of silver were sold to Johnson s Matthey, England with a corresponding gross value of P5.4 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO
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