Philex Mining Corp. may secure a foreign investment deal as early as next year to support its USD1-billion Silangan copper-gold project in Surigao del Norte, according to Chairman Manuel V. Pangilinan.
Speaking during the company’s annual meeting on June 26, Pangilinan said potential partners may acquire up to a 40% stake in the project or enter as lenders. He added that investor confidence is expected to rise as the mine nears commercial operations, specifically targeting March 2026.
However, Pangilinan warned that the schedule could be affected by fabrication delays and global supply chain constraints. “We will advise the public if there are delays to that schedule,” he said.
Silangan, operated under Philex subsidiary Silangan Mindanao Mining Co. Inc., is considered one of the country’s major mining developments. Philex has already invested USD240 million into the project and plans to raise the remaining USD760 million through a combination of debt and equity. As of this year, the company has already secured USD170 million in loans from local banks.
According to Philex President and CEO Eulalio Austin Jr., the processing plant is 60% complete, while the tailings storage facility is 65% done and expected to be finished by the fourth quarter of 2025. Construction of remaining infrastructure is ongoing at an accelerated pace.
“It is imperative that Silangan be ushered into production on schedule to take advantage of high metal prices,” Austin said. “Otherwise, we will miss the train.”
The Silangan mine spans 16,620 hectares and includes the Boyongan and Bayugo ore bodies. Phase 1 development focuses on the Boyongan deposit, which has a projected mine life of 28 years based on 81 million tons of mineable reserves with average grades of 0.67% copper and 1.13 grams per ton of gold.
Initial operations will process 2,000 tons of ore per day, which is significantly smaller than the 18,000 tons per day produced at the company’s Padcal mine in Benguet. However, Philex plans to scale up capacity once additional funding is secured.
Pangilinan highlighted the strategic importance of Silangan amid the global demand for critical minerals used in clean energy and climate-resilient technologies. “If you’re an investor, where will you go? Of course, there’s the new one and with high-grade ore,” he said.
While Pangilinan previously hinted at a potential foreign partner, he did not confirm whether a deal had been finalized. He said Philex would maintain majority control of the project, with a minority stake going to the incoming investor.
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