Philex Mining Corporation sees a new foreign investor to enter the company’s Silangan project in Surigao del Norte, signaling a major development for one of the country’s largest mining ventures.
In a Philippine Star report, Philex chairman Manuel V. Pangilinan confirmed that discussions are ongoing with a potential investor, though he did not specify whether a deal has been finalized.
Philex has previously expressed openness to securing additional investments to accelerate the development of Silangan, which is poised to become a significant driver of the company’s future growth.
Market interest in Philex has been increasing, with the company’s stock closing at Php 7.15 per share last Friday, approaching its 52-week high of Php 7.18.
He noted that Philex intends to retain majority ownership in the project, with the incoming investor taking a minority stake.
The Silangan project recently achieved a major milestone, with its underground main access decline reaching the Santa Barbara 1 ore body. As of January 18, 2025, the project had recorded 7.5 million uninterrupted man-hours without a lost-time accident.
Phase 1 of the Silangan project has an estimated mine life of 28 years, with declared mineable reserves of 81 million metric tons. This translates to an estimated recoverable copper of 993 million pounds and 2.8 million ounces of gold.
Key infrastructure developments, including underground production tunnels and a tailings storage facility, are expected to be completed by the third quarter of the year. Meanwhile, the processing plant is on track for commissioning by the fourth quarter.
Philex president and CEO Eulalio Austin Jr. emphasized the significance of bringing Silangan into production as planned, noting that it is crucial to ensuring the company’s continued growth as the Padcal mine nears the end of its operational life.
With the entry of a new investor, Philex is poised to push forward with its Silangan operations, reinforcing its position as a key player in the Philippine mining industry.
