With the ongoing scout drilling in its Macawiwili property in Benguet for a possible acquisition, Philex Mining Corp. is also looking to further extend the life of its Padcal Mine beyond 2027.
In a report by The Philippine Star, Philex President, and CEO Eulalio Austin said maximizing the reserves in the Padcal mine drain tunnel would entail considerable expenses, thus the company is studying its feasibility. The same tunnel is responsible for transferring water from the mining site to the river system or tailings pond.
Philex said the further extension of Padcal’s mine life would be determined if the current study yields positive results, which are expected to be released before the year ends.
Last 2022, Philex announced the three-year mine life extension of Padcal Mine after discovering additional mineable reserves of 24 million tons at an annual production rate of 8.1 million tons. Padcal’s mine life will initially conclude on December 31, 2024.
Currently, the mine produces 20 million pounds of copper and 4,000 ounces of gold at its peak production. In terms of volume, its output is stable, but the grades continuously decrease, Austin said.
Meanwhile, Philex is also conducting scout drilling in the Macawiwili gold mining project in line with its signed agreement with Macawiwili Gold Mining and Development Co. Inc. (MGMDCI).
Austin said Philex is just a contractor of Macawiwili, and they will follow through with the discussion once the results of the drilling are out.
Moreover, Austin revealed that another scout drilling would be arranged to increase the level of confidence regarding a possible investment in the Macawiwili project.
Citing its Silangan project, Austin said it would take about five to 10 years before putting it into a definitive feasibility study.
Under its Mineral Production Sharing Agreement (MPSA), Macawiwili has over 800 hectares of contract area and has been venturing into mineral deposits exploration including gold and copper.
