PSE Circular for Brokers No. 911-99
PSE Circular for Brokers No. 911-99 • Philippine Stock Exchange • Circulars for Brokers • Apr 28, 1999
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April 28, 1999 PSE CIRCULAR FOR BROKERS NO. 911-99 April 21, 1999 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS MARCH 1999 Gentlemen : I. Philex Mining Corporation Copper Operations During March, 632,069 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 6,507 DMT of concentrate averaging 25.79% of copper, 61.89 grams/DMT of gold and 70.07 grams/DMT of silver. The estimated contents of this output were 1,678,312 kilograms (3,700,040 lbs) of copper, 421,161 grams (13,541 ozs) of gold, including bullion, and 457,026 grams (14,694 ozs) of silver including bullion. The estimated gross value, based on provisional metal prices, is P207.0 million. prcd Shipments A copper concentrate shipment of 5,534 WMT as well as gold bullion shipments containing 453.33 ozs of gold and 26.51 ozs of silver were effected during the month in review with a corresponding gross value of P178.72 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 March, the Bulawan mine in Negros Occidental produced 241.843 grams (7,775 ozs) of gold and 355,769 grams (11,438 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P86.7 million. Shipments During the same period, 8,551 ozs of gold and 11,444 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P97.8 million. Sibutad Mine During March, the Sibutad mine in Zamboanga del Norte produced 15,114 grams (486 ozs) of gold and 20,304 grams (653 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P5.4 million. The mine is in pre-commercial operation. Shipments During the same period, 480 ozs of gold and 644 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P5.5 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman, President & CEO
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