Philex Mining reports historic high earnings of P5.56B in 2011

Philex Mining Corp., the country's largest miner in terms of assets, reported historic high earnings last year, lifted by higher production and "unprecedented market prices" of precious metals.   In a report to the Philippine Stock Exchange, Philex said its core net income jumped 34 percent to P5.568 billion.   Its net income expanded 47 percent to P5.8 billion, the highest in its 53 years of operating history.   Operating revenues increased 20 percent to P16.134 billion, "as gold continued its 11-year bull run in the world market."   "Realized price for gold averaged $1,536 per ounce, a 26-percent increase from $1,217 per ounce in 2010. Copper price per pound also improved from $3.63 in 2010 to $3.70 in 2011," Philex Mining said.   Total costs and expenses, on the other hand, grew 9 percent to P6.977 billion. — CMA/VS, GMA News