Philex Mines lifespan hangs in the balance

TUBA, Benguet – The Pangilinan-led Philex Mining Corp. is expected to announce this year whether the life span of its Padcal copper gold mine may be extended beyond 2020.

The company is still determining the remaining resources in the tenement through mineral resource estimate studies.

In the first quarter of the year, the company identified an additional 11 million tons of estimated mineral resources from 800 to 600 meter levels.

These resources correspond to potential, incremental contained metals of 473 million pounds of copper and 1. 342 million ounces of gold.

“Within the year, we may be able to determine if we can extend the lifespan of the Padcal mine,” said Philex Mining president Eulalio Austin Jr.

“Feasibility studies to mine within the 800 to 600 meter levels, where the additional resources were defined, are currently ongoing.

Positive results from these studies will increase the likelihood of extending the mine’s life beyond 2020,” he said.

According to Austin, the mine’s mineral production sharing agreement (MPSA) is renewable for another 25 years.

Austin said the company is focusing its resources and energy on finding basis for the extension of the Padcal mine’s lifespan and the pre-development of its copper-gold project in Surigao del Norte.

As such, it is no longer prioritizing the revival of its defunct mines in Mindanao – the Bulawan gold project in Negros Occidental and the Sibutad gold project in Zamboanga del Norte.

“We are no longer pursuing that because our focus has shifted to the vicinity of Padcal and Silangan. We have put on hold all explorations,” said Austin. “We are opening these projects for partnership through.”