PSE Circular for Brokers No. 2548-99
PSE Circular for Brokers No. 2548-99 • Philippine Stock Exchange • Circulars for Brokers • Oct 7, 1999
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October 7, 1999 PSE CIRCULAR FOR BROKERS NO. 2548-99 September 30, 1999 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS August 1999 Gentlemen: 1. Philex Mining Corporation Copper Operations During August, 598,724 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 7,858 DMT of concentrate averaging 26.76% of copper, 62.48 grams/DMT of gold and 71.75 grams/DMT of silver. The estimated contents of this output were 2,103,189 kilograms (4,636,733 lbs) of copper, 578,061 grams (18,585 ozs) of gold, including bullion, and 569,136 grams (18,298 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P288.6 million. Shipments Two copper concentrate shipments totaling 10,633 WMT as well as gold bullion shipments containing 2,983 ozs of gold and 171 ozs of silver were effected during the month in review with a corresponding gross value of P395.73 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 154,093 grams (4,954 ozs) of gold and 262,212 grams (8,430 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P58.3 million. Shipments During the same period, 5,397 ozs of gold and 8,237 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P57.0 million. Sibutad Mine During August, the Sibutad mine in Zamboanga del Norte produced 1,387 grams (45 ozs) of gold with an estimated gross value, based on provisional price of P.24 million. The mine is in pre-commercial operation. Shipments During the same period, 80 ozs of gold and 34 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P.80 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO
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