Philex bags approval on Silangan project

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    Philex Mining Corp. has secured the approval of the Department of Environment and Natural Resources through the Mines and Geosciences Bureau on its plans to conduct underground sub-level cave mining method in the Silangan copper-gold project in Surigao del Norte.

    The approval will now allow the company to start its three-year development and utilization work until 2022.

    The approval comes after an April 10, 2015 order by the agencies approving the project under Mineral Production Sharing Agreement No. 149-99-XII.

    Philex said it will have a shortlist of possible partners for the project before the year ends. Finalization of contracts with investors is targetted by March of April.

    The project which will produce large-scale high grade copper-gold will require an initial capital expenditure of $750 million.

    The company is looking at early developments towards the end of first half of 2020 which will mostly involve infrastructure, roadworks, opening of the portal, initial construction of the tailing ponds and other environmental controls.

    The mine is designed with an output of four million tons per day and will likely start production of ore by July 2022.

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