Waning Bulawan widens loss Metals

As a result of decommissioning the Bulawan mine in the Philippines, Philex Gold (PGI-V) produced just 2,814 oz. of the yellow metal in the second quarter.

Of that amount, 1,277 oz. were recovered via the cleanup of the operation’s carbon-in-leach circuit. The ounces represent the mine’s final output. Operating cash costs were US$265 per oz., up US$20 per oz.

For the first half of the year, production amounted to 14,734 oz., less than half the amount churned out in the initial six months of 2001. Cash costs rose slightly, to US$210 from US$206 per oz.

The average gold price for the quarter was US$309 per oz. (US$267 a year earlier); for the half-year, it was US$298 per oz. (US$265).

The meagre production translated into a second-quarter net loss of US$822,000 or (2 per share), compared with a year-earlier loss of US$358,000 (1 per share). Revenue shrivelled to US$845,000 from US$3.3 million.