NEWS

Philex Mining says that there are now strong indications of higher mineral resources compared to prior declared levels.

BRIGHT OUTLOOK. After fears of dealing with lower grade ores amid a drop in inventory last year, Philex Mining now expects better mineral resources from its Silangan asset. Background image from Wikimedia

MANILA, Philippines – Pangilinan-led Philex Mining Corporation said it expected to harvest better ores by 2022 when its Silangan mine in Surigao Del Norte begins maiden operations.

In a disclosure to the stock exchange on Friday, March 22, Philex said that current mineral resource estimates show large high-grade gold and copper deposits within the mine’s tenements.

With feasibility studies set to be completed in May this year, Philex said it plans to launch the Silangan mine with its Boyongan deposit in 2022. (READ: Philex, Silangan Mining to Gina Lopez: We are ISO-compliant)

Company president and chief executive officer Eulalio Austin, Jr. was quoted in the disclosure as saying: “We are currently working on securing all requisite permits and approvals to operate Silangan.”

“We look forward to realizing the massive potential of a project of this magnitude,” he added.

Aside from Boyongan, other deposits include Bayugo and Kalayaan. Philex mining currently has a joint venture with Manila Mining Corp for the Kalayaan deposit.

Silangan mine is one of the 3 big-ticket projects which can “catapult” the country as a major source of copper, the company added. Initially planned to be an open-pit mine, the company decided to do underground after it hit speed bump in operations.

In 2018, the company said that it was hoping to extend its Padcal mine gold-copper operation beyond 2022 as it tries to work on its Silangan mine.

Padcal had an initial mine life until 2014 but was extended as the company attempted to increase the lower ore grade value through upstream expansion.

“We continue to address the complexities of the diminishing ore state of Padcal through various operational enhancements,” Austin in the statement said.

“We are aggressively working on key project requirements in preparation for the eventual transition to Silangan. At the same time, while interim prospects remain subdued, we are determined to maximize the remaining mine life of Padcal.”

The company saw its net income drop in 2018 to P608 million from P1.66 billion in 2017.

Source: Rappler.com