Bright prospects seen for Philippine mining

TUBA, Benguet – The management of Philex Mining Corp. here cited said there are still bright prospects for the country’s lucrative mineral industry even with the prevalence of variable world metal prices over the past several years.

Jose Ernesto C. Villaluna Jr., president and chief operating officer of Philex Mining Corporation, said extension of the life of the mine in Padcal here from 2014 to 2017 is a clear indication of the better state of the mineral industry even if the grid will gradually decline in the coming years.

In 2009, Philex benefitted from the rise in metal prices from the lows seen in the previous year. During the year, world market prices per ounce averaged $974, reaching a high of $1,214 in December last year, up from the 2008 average of $872 where the lowest level of $703 was registered in October 2008.

Villaluna also reported that copper market price per pound also rallied towards the latter part of last year, reaching a high of $3.33 in December 2009 from the low of $1.26 a year ago, although averaging lower at $2.34 for the y