Connect with us

Hi, what are you looking for?

Stock Markets

Philex eyes fund-raising for second phase of Silangan project

PHILEX Mining Corp. is eyeing further fundraising for the continued development of its Silangan mine project, its chairman said.

“Before we start commercial operations next year, we may consider starting phase two of the development, and who knows, we may do a follow-on in late 2025 or 2026,” Philex Chairman Manuel V. Pangilinan said on the sidelines of a stockholders’ meeting late Tuesday.

Mr. Pangilinan added that the company would focus on the first phase of the project before raising funds for the second phase.

“Once that is finished, then we will start with phase 2,” he said.

Phase one of Silangan covers the Boyongan deposit, which contains 81 million tons of mineable material. It is comprised of 0.67% copper and 1.13 grams of gold per ton, and it has a lifespan of 28 years.

The company said that once the Bayugo ore body is mined it could increase annual production to 6.5 million tons.

In February, the company said that it had completed its $170-million loan needed to begin operations of the company’s Silangan copper and gold mine in Surigao del Norte. It is expected to begin commercial operations by the first quarter of next year.

In 2021, the company placed the development cost at $224 million for an estimated 571 tons worth of mineral resources. The project will initially process 2,000 tons of ore per day until it reaches 12,000 tons, or four million tons annually, upon its completion.

The first phase of the Silangan mine is expected to start producing gold ore by December 2025 and copper ore during the first quarter of 2026.

Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

Shares in Philex Mining closed at P2.65 apiece on Wednesday, down by 1.12%, or three centavos. — Adrian H. Halili

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock Markets

REUTERS PHILIPPINE SHARES climbed for a fourth straight day on Thursday, tracking Wall Street’s overnight rise, as bargain hunting continued ahead of the central...

Stock Markets

FREEPIK THE NATIONAL Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr. has approved a P16.1-billion digital infrastructure project that...

Stock Markets

THE Board of Investments (BoI) said on Wednesday that it approved a P125-million project that will produce steel frame modules for structural building system....

Stock Markets

By Chloe Mari A. Hufana THE REGIONAL Tripartite Wages and Productivity Board (RTWPB) has approved a P35 minimum wage hike for workers in the...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Captain Of Success. All Rights Reserved.