Philex Mining Corp. said it had shipped to Japan P788 million worth of copper and gold from its Padcal mine in Benguet province.

    In a disclosure to the stock exchange, Philex president J. Ernesto Villaluna Jr. said the shipment consisted of 5,038 dry metric tons of copper concentrates, containing about 2.7 million pounds of copper and 9,652 ounces of gold.

    Philex also said it had allotted a budget of P624 million for exploration this year, including P322 million for Philex Gold and P302 million for the Padcal operations.

    The Padcal mine is expected to last for six more years, until 2014, it said.

    Philex also said it was preparing for exploration in Madagascar and would continue evaluating exploration and mining prospects in Saudi Arabia, Indonesia, Australia, Myanmar, Solomon Islands, Hungary, Laos and Cambodia.