Local government units (LGUs) in Surigao Del Norte have welcomed the Silangan copper-gold mine project, according to Manny V. Pangilinan-led Philex Mining Corporation.
The Silangan mine project is said to be one of the biggest investments in Mindanao. Philex subsidiary Silangan Mindanao Mining Co. Inc. (SMMI) will begin the mine’s development in the second quarter, while commercial operations are expected to commence in 2025.
Surigao Del Norte Gov. Francisco Matugas said that the development of the Silangan mine would help generate more jobs and trigger economic activity, adding that the project is a welcome development for the province that has been immensely affected by the COVID-19 pandemic and by Typhoon Odette.
The Silangan mine is expected to run a 28-year mine life, which is estimated to reach a total investment of $1.7 billion, with $1.5 billion coming from funds to be generated from the projects.
SMMI COO Atty. Mike Toledo said that the project would generate jobs for around 8,000 people, raise about Php86.7 billion in investments and contribute around Php 38 billion in government receipts.
Tubod, Surigao Del Norte Mayor Richelle Romarate also welcomed the development of the Silangan mine, saying that it has been an ‘able partner’ of the town’s progress and economic development while being responsible towards the environment and social concerns.
Philex was granted a minerals production and sharing agreement in 1999 for the 2,880-hectare project located in the towns of Placer, Tagana-an, Tubod, and Sison.
Image from Philex Mining website.
