AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

Philex Mining extends Padcal mine operations until 2028

AngMinero News by AngMinero News
December 9, 2024
in Business, Features, News
26 2
0
Philex 2021 core net income soars 118% to Php2.53B
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Philex Mining Corporation has extended the operational life of its Padcal Mine in Benguet by another year, pushing its closure to the end of 2028.

In a report by Philippine Star, the mine was previously expected to operate only until the end of 2027, contingent on gold prices staying profitable to sustain operations without incurring losses.

A recently completed study revealed additional extractable ore at the mine site, including deposits from the 760-ML production level and previously developed draw points with good grades, the company announced.

The company confirmed the extension’s economic feasibility after conducting price sensitivity analyses, particularly as gold prices remain a key determinant for continued operations.

Philex officials emphasized that the mine’s profitability depends on gold prices staying above USD 2,000 per ounce to avoid operational losses.

Last year, Philex extended Padcal’s mine life to 2027 after additional reserves were discovered through confirmatory drilling.

The updated mine plan estimated 30.25 million metric tons of remaining mineable reserves, with average gold and copper grades of 0.20 grams per ton (g/t) and 0.18 percent, respectively.

The company estimates recoverable gold at 137,600 ounces and recoverable copper at 93.2 million pounds.

These newly declared reserves are based on a previously disclosed mineral resource estimate of 190.8 million metric tons with average grades of 0.3 g/t and 0.18 percent for gold and copper, respectively.

Philex noted that the extension would sustain the employment of 1,879 workers at Padcal and continue providing social development assistance to nearby communities.

The additional year will also ensure a seamless transition to the commercial operations of Philex’s Silangan Project in Surigao del Norte, slated to begin in early 2026.

From January to September, Philex recorded a 24 percent decline in attributable net income, dropping to Php 636.03 million due to rising expenses outpacing revenue growth.

This represents a Php 207.94 million decrease compared to the Php 843.98 million net income during the same period last year.

To capitalize on elevated global metal prices, the company is accelerating the development of its Silangan Copper and Gold Project, with its first metal output expected by February 2026 and commercial operations beginning in the first quarter of that year.

Tags: miningpadcal minePhilex Mining CorporationSilangan project

Related Posts

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte
News

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya
News

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025
Investors show interest in Philex’s Silangan mine ahead of 2026 launch
News

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025
President Marcos urges sustainable, law-abiding mining investments in PH
News

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025
Chamber of Mines says reforms can revive PH mining exports
News

Chamber of Mines says reforms can revive PH mining exports

October 27, 2025
SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B
Business

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025

FEATURED POST

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025
Investors show interest in Philex’s Silangan mine ahead of 2026 launch

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025
President Marcos urges sustainable, law-abiding mining investments in PH

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025

EDITOR PICK'S

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025

Chamber of Mines says reforms can revive PH mining exports

October 27, 2025

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025

Recent News

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In