TUBA, Benguet – Philex Mining Corporation will embark on a continuing study for the possible extension of mine life beyond the 2027 economic life.
Philex president and chief executive officer Engr. Eulalio B. Austin, Jr. said that studies on the possible furthest extension of its Pacdal mine is a continuing process with established parameters such as the company’s operating expenditures, the prevailing global metal prices and the profitability of the mine.
Further, he added that the welfare of the host communities and the preservation and protection of the environment are also equally important aspects of the mining industry which must be considered by those conducting the studies on the possible extension of the company’s mine life.
Earlier, Philex disclosed that its mine life was until December 2024 but it again made another disclosure further extending the company’s mine life until 2027 based on the latest results of the studies conducted by experts.
Philex is one of the country’s largest gold and copper producer having been incorporated in 1958 and eventually operated as a mining company in 1960.
The Philex official explained that the direction of all operating mines in the country is for their adherence to the Canadian standard which is towards sustainable mining that involves the active participation of host communities, the preservation and protection of the environment and the profitability of the mines in terms of their operations.
According to him, all possible factors in the mining industry are being considered by the company in deciding the fate of the mine. That is why studies are continuously being done by experts to ascertain whether or not there is a possibility of further extending the firms’ mine life beyond what had been earlier projected.
Austin underscored that the decision-making process in extending the company’s mine life involves an exhaustive process that strikes a balance among all the important factors that must be considered to ensure the welfare of the people living in its host and neighboring communities, the preservation of the environment and the profitability of the mine.
He stipulated that the mining company will continue to practice being a good corporate citizen in the barangay, municipality, province and the country as a whole as it will continue to exercise its role as a vehicle for growth and development in the community.
On the other hand, he said that the mining company is also continuously exploring the possibility of having a mineralized area within the tenement area that will contribute in efforts to further extend the mine life aside from the ongoing studies that are dependent on the prescribed parameters of sustaining mining in the said area.
Austin explained that the development of a mine will entail huge capital from the owners that is why it is doing its best to look for all appropriate possibilities within its tenement area on how to allow the continuation of responsible mining operations in the area in partnership with concerned stakeholders.