Silangan Mindanao signs additional $70-M credit facility

Silangan Mindanao Mining Co., Inc., a wholly owned subsidiary of Philex Mining Corporation, one of the oldest and largest gold and copper producers in Southeast Asia, signed a Deed of Accession for additional US$70 million with Additional Lenders who syndicated the credit facility, in simple ceremonies in Makati City. Present during the signing of the Deed of Accession were (from left): Patricia May Siy, president and CEO, Philippine Bank of Communications; John Cary Ong, SVP and Wholesale Banking Segment Head, Security Bank Corporation; Eulalio Austin Jr., president and CEO, Silangan Mindanao Mining Co. Inc.; Manuel Pangilinan, chairman, Silangan Mindanao Mining Co. Inc.; Romeo Bachoco, CFO and Treasurer, Silangan Mindanao Mining Co. Inc.; Florido Casuela, president and CEO, Philippine National Bank; and Marvin Matias, Coverage and Origination Team Head, SB Capital Investment Corporation. SB Capital Investment Corporation was Mandated Lead Arranger with PNB and PBCOM as Joint Lead Arrangers. The signing of the agreement completes the total loan facility of US$170 million needed to bring the Silangan Project into commercial operation by the first quarter of 2025.