With the decommissioning of the Bulawan gold mine on the island of Negros in the Philippines, in early May, Philex Gold (PGI-V) produced just 2,814 oz. of gold during the second quarter.
Of that, 1,277 oz. were recovered via the clean up of the operation’s carbon-in-leach circuit. The ounces represent the mine’s final output. Operating cash costs were US$265 per oz., up US$20 per oz. For the first half of the year, production came to 14,734 oz., less than half the prior year’s output of 30,670 oz. Cash cost came in at US$210 per oz., up from US$206 per oz.
The average gold price for the quarter was US$309 per oz. (US$267 per oz. a year earlier), and US$298 per oz. for the half-year (US$265 per oz.).
The meagre production translated into a second-quarter net loss of US$822,000 or (2 per share) for the company, which compares to a year-ago net loss of US$358,000 or (1 per share). Revenue shrivelled to US$845,000 from US$3.3 million and cash flow
The second-quarter loss drops the company’s six-months earnings to US$17 million from the US$17.8 million in the first quarter, which was realized on the sale of a 10% stake in the Boyongan discovery and surrounding tenements to its joint venture partner, Anglo American (AAUK-Q).
Seven drill rigs continue to punch holes at the Boyongan copper-gold deposit. One of the drills rig is testing a sulphide mineralization target immediately northwest of Boyongan with deep holes. Four rigs are sinking resource definition holes and two others are drilling scout holes south and west of the deposit.
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