Philex Mining Corporation expects production of high-grade copper and gold ores from its Silangan project to increase to four million tonnes per year by 2023.
According to a BusinessWorld report, the Silangan project will be Philex’s biggest source of revenue following the closure of its Padcal mine in Northern Philippines possibly by 2022.
“The mine is designed for four million tonnes per year. We will start lower, then on the second year, that is in 2023, it will be a full four million tonnes per year,” Philex President and CEO Eulalio Austin was quoted as saying in the report.
The Silangan project is expected to yield ore grades of 0.63 percent of copper and 1.20 grams per tonne of gold.
Silangan has deposit areas in Boyongan, Bayug, and Kalayaan, the latter being a joint venture between Philex and Manila Mining Corp. Boyongan, which was estimated to operate for 22 years, is expected to be the first to start operations in 2022.
Philex has earmarked around $750-M for the development of the Boyongan ore body and has appointed J.P. Morgan for equity investment and Japan’s Mizuho Financial Group Inc. for project financing.
