Philex Mining reports January gold-copper-silver output valued at P1.296B

Philex Mining Corp., one of the country's largest copper and gold producers, said Mondays its precious metals output was valued at P1.296-billion in January.   In a statement to the Philippine Stock Exchange, Philex said it produced 10,408 ounces of gold, 3.06 million pounds of copper and 9,687 ounces of silver.   "The estimated value of month's production, based on provisional metal prices of $1,741 per ounce gold, $3.85 per pound copper, and $33.60 per ounce silver, at the exchange rate of P42.87 to $1, amounts to P1.296 billion. Of this, P777 million is from gold, P505 million from copper, and P14 million from silver," Philex said.   In the first nine months of 2011, Philex more than doubled its net income to P4.35 billion on record high revenues of P11.83 billion. — CMA/VS, GMA News