TUBA, Benguet – Philex Mining Corporation is eying the possible extension of its mine life beyond the projected end of its operation by 2027.
Philex president and chief executive officer Engr. Eulalio B. Austin said that part of the company’s ongoing initiatives include its partnership with Macawiwili for the drilling of its tenement area and its exploration activities within its mine site and neighboring communities to discover ore deposits that will help in further extending its mine life.
He admitted that what contributed in the extension of Philex’s mine life from 2024 to 2027 are the high world metal prices coupled with the reduction of their operating cost despite the low grade of the copper and gold that are being extracted from its present mine site in Padcal.
The Philex official said that the company will make the appropriate announcement by 2026 on whether or not there will be a possible extension of its mine life as earlier projected for the benefit of its current workforce.
According to him, the company was able to extract the high-grade ore from its present mine site that is why what remains is the low-grade ore which is helping sustain its operations supported by the prevailing high world metal prices.
Philex is the country’s major gold and copper producer based in Padcal, Camp 3 here. Where its operations had been existing for over six decades since its corporation in 1958.
Austin disclosed that with regard its partnership with Macawiwili, Itogon mayor Bernard Waclin issued a cease and desist order for the company to stop its drilling operations in the latter’s tenement area until such time that all the issues concerning the said partnership shall have been settled to prevent further problems that will arise once it will pursue the same.
Austin added that the company has numerous ongoing activities within its tenement area and the surrounding communities to look for additional ore bodies that will contribute in the possible extension of mine life to be able to maximize the use of its existing camp and other facilities.
On the other hand, Philex is also preparing for the projected operation of its Silangan mine by the first quarter of 2025 that is why the company is offering available jobs for its present work force in Pacal who are interested to work in its Surigao del Norte mine for them to be able to pursue their established career in mining.
He advised the older workers to help in molding the newly hired and young employees to develop their dedication and passion to their respective jobs and for them to strive for the best to be able to help sustain their productivity in the mine site for the company to be able to survive the highly competitive industry and to cope up with the latest trends in the global mineral industry.
Austin stipulated that the company is keeping its fingers crossed on the developments that will unfold in the global mineral industry that will pave the way for whatever decisions that will be embraced by the company in the future to decide on whether there will be an extension of mine life or it will stick with its decision to end mine life by 2027.