- Advertisement -
Philex Mining Corp. secured from the Securities and Exchange Commission the approval of sale of shares in the company’s planned stock rights offer.
In a disclosure to the Philippine Stock Exchange, Philex said the move will enable them to sell up to 842 million worth of shares.
The company is raising funds to start the development of its Silangan gold and copper mine in Mindanao.
- Advertisement -
Philex Mining is set to begin the development of a starter mine at the said area this year with commercial operations to start by early 2025.
An initial investment of $224 million is needed to develop the starter mine that will produce around 2,000 tons of ore per day that will be ramped up to 12,000 tons per day by the 12th year of its operation.
Author
- Advertisement -
