TUBA, Benguet – The mandate of the management of the Philex Mining Corporation (PMC) is to extend the mine life of its Padcal operations beyond the projected mine life of 2022, Engr. Eulalio B. Austin, Jr., Philex president and chief executive officer, said here.
Philex, which is one of the country’s largest gold and copper producer in the country, was projected by experts to have a mine life up to 2022 pursuant to the existing ore deposits in its tenement area.
“The company is trying its best to make sure that Philex will operate beyond 2022 because there will be a great social problem in the area once the mine firm will not be able to extend its projected mine life,” Austin stressed.
The Philex official underscored its total tenement area is more than 14,000 hectares but its current operations only cover 5 percent of its tenement area, thus, there is a possibility that the company can find sufficient deposits or higher grade of ore that will allow the company to extend its mine life.
According to him, another factor that will have a significant impact on the possibility of extending the company’s mine life is the prevailing world metal prices because what is stable at present is the price of copper while the price of gold remains unpredictable.
Austin claimed the company’s exploration team is working double time to look for possible sufficient ore deposits within the vicinity of Padcal which could help in extending its mine life and maximizing the utilization of its existing facilities.
Philex recently celebrated its 60th year as a mining company with a projection of possibly extending its mine life beyond 2022 to continue helping in the development of remote communities within the mineral-rich areas of Tuba and Itogon which are part of its host and neighboring communities.
Austin assured officials and residents of its host and neighboring communities that Philex will continue to be a catalyst for rural and national development through the sustained practice of responsible mining worthy of emulation by other mining companies not only in the country but also in the different parts of the world.
He cited part of the contributions of Philex in the six decades of its operation is the improvement in the living condition of thousands of people within its host and neighboring communities through the provision of sustainable livelihood and employment opportunities, especially for qualified people in the communities where it operates.
Austin, who is a member of an indigenous community, said he wants Philex to be a primordial economic driver in the lives of indigenous peoples and to empower them to become instruments of change in various aspects of governance and lift the status of indigenous peoples in the corporate world.