Philex Mining Corp. more than doubled its second-quarter attributable net income to P392 million, driven by the recovery of operations at its Padcal mine and strong metal prices, as reported by BusinessWorld.
The Manuel V. Pangilinan-led miner said the improved performance was due to normalized operations at the Padcal mine following rehabilitation works, as well as elevated gold and copper prices. The company's net income for the quarter more than doubled compared to the same period last year.
The Padcal mine, located in Benguet, has been undergoing rehabilitation after a tailings spill incident in 2022. Philex expects continued improvement in production as the mine returns to full capacity, supported by favorable metal price trends.