Philex to wrap up talks with investor in ’26
Philex Mining Corp. said discussions with a foreign investor may be finalized next year for the Silangan copper and gold project in Surigao del Norte.
In an interview, Philex Mining chair Manuel V. Pangilinan said negotiations revolve around additional funding. This is for the potential expansion of the Silangan project in the future.
Pangilinan said that the mining firm already secured the required funding for Silangan’s production capacity of 2,000 tonnes per day.
“It would be better if it (Silangan project) is nearing the completion date or already operating, things move faster. Of course, if it’s not yet finished, there will be questions—this, this and that,” he told reporters.
Philex Mining president and CEO Eulalio Austin Jr. said they are rushing to complete the planned large-scale project in Tubod town to capitalize on rising metal prices.
“We have no options and it is imperative that Silangan be ushered into production on schedule and take advantage of high metal prices. Otherwise, we will miss the train,” Austin said in his speech during Philex Mining’s annual stockholders’ meeting.
“Further delay in the commissioning of the Silangan project will be avoided by protecting the showstoppers,” he added.
Philex Mining said last month it was spending about $1 million for the Silangan project, considered one of three large-scale mining projects in the Philippines. The amount is on top of the pre-development investment of P18 billion for the project.
The capital spending would be used to develop the mining project and ramp up its production. The goal is to reach full capacity at 4 million metric tons (MT) per year.
