Silangan Mindanao Mining Co. Inc., a subsidiary of Philex Mining Corporation, is raising around US$170 million funding requirements as it plans to develop its Silangan project.
In its disclosure to the Philippine Stock Exchange, Silangan Mindanao Mining signed a Deed of Accession for the needed $70 million with Additional Lenders participating in the syndication of the credit agreement.
The signing of the deed completed the total loan of $170 million to be utilized for the Silangan Project. The Silangan Copper and Gold Project was trumpeted to be one of the country’s big mining projects and it was expected to be fully operational by the first quarter of 2025.
Additionally, the secondary lenders include Security Bank Corporation, SB Capital Investment Corporation as the Lead Arranger, the Philippine National Bank (PNB), and Philippine Bank of Communications (PBCOM) as the Joint Lead Arrangers.
In 2023, the mining firm signed an Omnibus Loan and Security Agreement with Union Bank of the Philippines (UBP), Security Bank Corporation, and Bank of the Philippine Islands. BDO Capital and Investment Corporation was named as the Lead Arranger while UBP stood as the Co-Lead Arranger.
Currently, the Silangan Project is in the pipeline as the development of the underground decline is now equidistant to the Boyongan ore body.
Furthermore, initial works at the tailing storage facility had already started paralleling the ongoing tendering process for the various packages of the process plant.
In the meantime, contracts for certain crucial long lead items essential for the process plant have already been granted to diverse international suppliers.
