PSE Circular for Brokers No. 2206-98
PSE Circular for Brokers No. 2206-98 • Philippine Stock Exchange • Circulars for Brokers • Sep 23, 1998
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September 23, 1998 PSE CIRCULAR FOR BROKERS NO. 2206-98 September 17, 1998 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS AUGUST 1998 Gentlemen : I. Philex Mining Corporation Copper Operations During August, 522,606 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 6,978 DMT of concentrate averaging 26.32% of copper, 60.08 grams/DMT of gold and 68.71 grams/DMT of silver. The estimated contents of this output were 1,836,806 kilograms (4,049.459 lbs) of copper, 419,218 grams (13,478 ozs) of gold, including bullion, and 479,417 grams (15,414 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P310 million. Shipments Two copper concentrate shipments totalling 11,010 WMT were effected during the month in review with a corresponding gross value of P446.78 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 August, the Bulawan mine in Negros Occidental produced 142,143 grams (4,570 ozs) of gold and 796,639 grams (6,322 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P68.1 million. Shipments During the same period, 3,520 ozs of gold and 4,599 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P52.6 million. Sibutad Mine During August, the Sibutad mine in Zamboanga del Norte produced 33,022 grams (1,062 ozs) of gold and 42,853 grams (1,378 ozs of silver with an estimated gross value, based on provisional prices for gold and silver, of P13.2 million. The mine is in pre-commercial operation. Shipments During the same period, 850 ozs of gold and 1,321 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P10.7 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO
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