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: No open-pit mining for Silangan project

It's more costly and environmentally challenging, says MVP

AngMinero News by AngMinero News
February 7, 2022
in Business, News
26 2
0
Philex pushing with Silangan project in 2022
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Philex Mining Corp. won’t be pursuing open-pit mining for its upcoming Silangan copper-gold project in Surigao Del Norte.

In a report by BusinessWorld, Philex’s officials said that the decision was due to the upcoming change in political leadership and the uncertainty of future policies in mining.

Philex Chairman Manny V. Pangilinan said the firm opted to go for sub-level caving instead of open-pit mining, as it would be environmentally challenging and more expensive for the project.

The Department of Environmental and Natural Resources lifted the four-year ban on open-pit mining just before Christmas last year.

Pangilinan added that opting for open-pit mining for the project would entail more expenses since the results of the sub-level caving would need to be reverted. The company estimated an additional $130-million cost to conduct the open-pit method.

Meanwhile, Philex is looking to list Php3.15 billion in stock rights offer (SRO) shares on April 5. Proceeds from the funding will be used to invest in the Silangan project, which will be led by its subsidiary, Silangan Mindanao Mining Co., Inc. Last week, the Securities and Exchange Commission approved the SRO slated for February 28.

The Silangan project requires an initial investment of $224 million for the first phase, which would be completed in late 2024 or 2025. By that time, the Philippines would have a new president, and policies on mining may change.

 

Image from Philex Mining website.

Tags: Manny Pangilinanopen pit miningPhilex MiningSilangan Copper and Gold ProjectSilangan mine projectsub-level caving

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