Philex Mining Corp. will be investing more in the extended mine life and expansion of the Padcal mine in Benguet while targeting more nickel mine projects to tap into the “green metals space” this year.
In a disclosure to the Philippine Stock Exchange, Philex said that it will be pursuing investments to sustain the mine life extension of Padcal mine and other business opportunities surrounding the operating mine amid the challenges this year.
The Manuel V. Pangilinan-led company will also explore participation in the “green metals space”, especially with nickel and its importance to global energy transition.
However, global growth is still seen to be slow this year amid the “war in Ukraine and the collateral adverse inflationary effect on food, power, and fuel.”
“Our country will not be spared from this deceleration, but perhaps lesser than other economies. The main hurdles would be inflation and interest rates. That being said, we still expect Philex Mining to grow in 2023,” Pangilinan said in a statement.
Panngilinan said that the possible investment in the Macawiwili Gold and Mining and Development Co. Inc (MGMDCI) and the extended mine life of the Padcal mine “are both good starts to what looks like a promising year.”
In December, Philex Mining extended the life of the Padcal mine by three more years up to 2027, after the confirmatory drill revealed additional mining reserves.
And just last month, the company assigned a term sheet with MGMDCI to invest in the 90–year old company that engages in mineral exploration and production in Itogon, Benguet – adjacent to the Padcal Mine.
“Add to this the expected developmental milestones in our ongoing Silangan project and the continued government support and it will be an exciting year for all of us,” Pangilinan said.
