Philex’ net income down on lower metal prices

MANILA, Philippines – Lower metal prices dragged down last year’s net income of the country’s largest mining firm but this was already Philex Mining Corp.’s third highest in its 53 years of existence, it said in a disclosure.

Philex, which is 20.06-percent owned by Hong Kong conglomerate First Pacific Co. Ltd., earned 44 percent less at P2.8 billion from P5.01 billion in 2007.

In another disclosure, Philex chairman and chief executive Walter W. Brown said the shipment of gold concentrates including copper and silver amounted to P545 million in March 6 consisting of P350 million from gold, P180 million from copper and P6 million from silver.

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