Philex Mining Corporation reported a core income of P746 million and EBITDA at P1.981 billion IN 2024.
Gold and copper prices were at relative higher levels throughout the year, compared with 2023, while foreign exchange rate continued to improve through 4Q2024. Operating revenues increased to P8.183 billion in 2024 from P7.726 billion in 2023.
Operating revenues in 4Q2024 at P2.084 billion were also higher compared with P1.768 billion in 4Q2023. However, operating costs and expenses inched up by 9% to P7.299 billion for the year 2024 as a result of elevated prices of materials and supplies. Realized Gold prices reached $2,419 per ounce in the fourth quarter, while Copper peaked at $4.57 per pound in the third quarter before settling to an average $4.32 per pound for the remainder of the year.
Tonnage milled for 4Q2024 was at 1.767 million tonnes, higher than the 1.628 million tonnes in 4Q2023. Total tonnage milled in 2024 reached 6.809 million tonnes, slightly lower than the 6.853 million tonnes for 2023. Gold ore grades declined by 16% towards the end of the year and Copper ore grades reduced by 7% as we continue to mine the peripherals of the ore body.
Gold output in 2024 reached 30,702 ounces-lower by 19% than the 37,784 ounces gold output for 2023. Full year Copper output was at 19.780 million pounds, lower than the 21.298 million pounds output for 2023.
The performance in 2024 allowed the Board to declare a cash dividend of 2 centavos (P0.02) per common share aggregating to P116 million, to shareholders on record as of March 12, 2025, which will be paid on March 24, 2025.
