The Manny V. Pangilinan-led Philex Mining Co. is looking to borrow more funds in order to finance the needed $224 million initial capital to develop the Silangan copper and gold project in Surigao del Norte.
In a report by the Manila Standard, Philex chief finance officer Romeo Bachoco said that the company is looking to launch its debt syndication program. The funds will be added to the Php2.65 billion raised from its recent stock rights offering (SRO).
Philex Mining is also looking to add fresh capital from its cash reserves for the Silangan mine project. Furthermore, the company said it is open to forming a joint venture partnership to develop the entire mining project.
The Silangan project requires $967 million in total capital for its 28-year mine life. The first phase of the project, worth $224 million, is targeted to be completed by 2024 or 2025.
The project is expected to produce around 571 million tons of mineral resources. Initially, Silangan will process 2,000 tons of ore daily, until it reaches 12,000 tons daily or four million tons annually upon completion.
