Philex deposits P137M for mine rehabilitation
By Dexter A. Sese | The Manila Times | March 4, 2022
TUBA, Benguet: Philex Mining Corp. has come up with the P137-million required deposit for its final mine decommissioning and rehabilitation plan after the projected end of the mine life of its Padcal site by the end of 2024.
Philex official spokesman and lawyer Eduardo Aratas said the mining company was able to deposit in full with its depository bank the funding requirement for the implementation of its programmed mine rehabilitation.
Earlier, Padcal’s mine life was projected to end in December 2022, but prevailing high metal prices in the world market paved the way for the company to further extend its mine life for another two years.
Under existing laws, rules and regulations, mining companies are mandated to deposit funds required for their final mine decommissioning and rehabilitation plans.
Further, such plans must first be prepared by the concerned mining companies where the same will be reviewed and passed upon by the mine rehabilitation fund committee before being submitted to the regional office of the Mines and Geosciences Bureau (MGB) for assessment and evaluation.
After the plans have been approved by the MGB regional office, they will be transmitted to the MGB central office for review by the Contingent Liabilities and Rehabilitation Fund Committee to ascertain compliance with prevailing issues that will guarantee that mine sites will be brought back closer to their original states.
Aratas said Philex continues to look for possible ore bodies within the vicinity of its Padcal mine that will help in further extending the site’s mine life.
Philex, the largest producer of gold and copper in the country, can deliver more than 24,000 tons of ore per day.
Aratas assured its host and neighboring communities of immediate implementation of the programmed mine rehabilitation.
He rallied concerned stakeholders to support the ongoing exploration efforts of the company to look for potential ore bodies near the Padcal mine.
Source: The Manila Times