Philex Mining 2011 Net Profit Up 46% At PHP5.77 Billion

Philex Mining said Wednesday its net profit rose 46% to a record high in 2011, driven mainly by hicone ball millgher metal prices and increased production volume.

The Philippine gold and copper miner posted a net profit of PHP5.77 billion ($135 million) last year, up from PHP3.96 billion in 2010. Chief Executive Manuel Pangilinan said gold prices soared 22% over the past year and global demand and supply for metals are expected to be fundamentally strong throughout 2012, but added that he expects volatility in metal prices this year. Philex said its business plans for this year are based on a foreign exchange rate of PHP43 to one U.S. dollar compared to PHP44.49 last year, and gold price of $1,700 a troy ounce and copper price of $3.50 per pound. Last year, Philex said its average selling price for gold was $1,536 an ounce and $3.70 a pound for copper. Pangilinan, who is also Philex's chairman, said the company can't provide a net profit estimate for 2012 because of...