The Department of Finance (DOF) estimates Philex Mining Corp.’s Silangan copper-gold mine project will generate around P8.5 billion in excise taxes alone for its entire mine life, according to the agency’s statement yesterday.
The Silangan project, considered one of the biggest copper-gold mines in the country, is planned to be mined in two phases. The first phase has a mineable ore reserve of 81 million metric tonnes which will be mined for 22 years at a rate of 4 million tonnes per year.
The mine is targeted to commence commercial operations in the first quarter of 2025.
“The mining industry holds the greatest potential to be a key driver in our economic recovery and long-term growth, especially now that world metal prices are high. The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources,” Finance Secretary Benjamin Diokno said Wednesday at the listing of Philex’s common shares in the Philippine Stock Exchange (PSE).
Philex is mobilizing investments for the development of the Silangan underground copper-gold mine in Surigao del Norte.
In a disclosure to the PSE, the company said it is offering a maximum of 842 million common shares at the rate of one offer share for every 5.8674 shares owned for P3.15 each to raise a total of P2.652 billion new equity.
The stocks rights offering (SRO) period started on July 12, 2022 and ended July 25, 2022.
Diokno said Philex’ SRO listing demonstrates the mining industry’s confidence in the country’s promising economic growth prospects.
He said that the offering means more jobs will be created, local economies will be reinvigorated and additional revenues will be contributed to the government.
Diokno said the listing sends a strong signal to the mining industry that the country’s capital markets are viable instruments for fast tracking the development of large mining projects.
