TUBA, Benguet – The Philex Mining Corporation completed the P137 million required deposit for its final mine decommissioning and rehabilitation plan after the projected end of the mine life of its Padcal mine by the end of 2024.
Philex official spokesperson lawyer Eduardo M. Aratas disclosed that the mining company was able to deposit in full with its depository bank the funding requirement for the implementation of its programmed mine rehabilitation following the end of mine life in 2 years.
Earlier, Philex’s mine life was projected to end in December 2022 but the prevailing high metal prices in the world market paved the way for the company to further extend its mine life for another 2 years or by the end of 2024.
Under existing laws, rules and regulations, mining companies are mandated to deposit the funds required for their final mine decommissioning and rehabilitation plans to ensure the implementation of the required rehabilitation of their respective mine sites after the end of their mine life.
Further, the final mine decommissioning and rehabilitation plans must first be prepared by the concerned mining companies where the same will be reviewed and passed upon by the mine rehabilitation fund committee (MRFC) before being submitted to the regional office of the Mines and Geosciences Bureau (MGB) for assessment and evaluation.
After the plan shall have been approved by the MGB regional office, said plans will be transmitted to the MGB central office for review by the Contingent Liabilities and Rehabilitation Fund Committee (CLFRC) to ascertain compliance to prevailing issuances that will guarantee that the mine sites will be brought back closer to their original states.
Aratas claimed that the company continues to look for possible ore bodies within the vicinity of its Padcal mine that will help in further extending the mine life beyond the projected 2024 end of the mine to be able to maximize the facilities that had been established in the existing mine.
Philex is the largest producer of gold and copper in the country as it is able to produce more than 24,000 tons of ore per day based on its round the clock operation.
The Philex official assured its host and neighboring communities of the immediate implementation of the programmed mine rehabilitation once the Padcal mine will rea the end of mine life without being further extended because the funds have already been deposited and secured pursuant to laws, rules and guidelines that had been crafted for the said purpose.
He rallied concerned stakeholders to support the ongoing exploration efforts of the company to look for potential ore bodies near the Padcal mine to help in the possibility of further extending the projected mine life that will be beneficial to the welfare of the host and neighboring communities that stand to benefit with the sustained operation of the mines.
Aratas claimed that the mining company will continue to work with the host and neighboring communities to help in sustaining the growth and development of the said areas through the various development interventions that the company intends to implement and undertake for the welfare of the majority of the populace.