Philex logs P410-M H1 net income

Pangilinan-led Philex Mining Corp. remains optimistic that it can deliver the first metal output from the upcoming Silangan Copper and Gold project in Mindanao before the end of 2025.

Philex president and CEO Eulalio Austin Jr. said in a stock exchange disclosure on Friday that the company remains positive with the continued development work in its Surigao del Norte mine site.

“Acceleration to commercial operations of the Silangan Project will be foremost of our priorities, and we are targeting to have our first metal output before the end of 2025,” Austin said.

“As soon as we reach the Boyongan Ore body during the end of this third quarter, we will start the block development works of the first production level, and thereafter, we will be seeing the first ore coming from the Boyongan Ore body,” he added.

To date, the development of the Silangan mine, which includes the tunnel leading to the Boyongan Ore body, is nearing completion, while construction of the tailings storage facility is in full progress.

Meanwhile, earthworks for the Process Plant are underway, and the procurement of significant and long-lead-time equipment packages has been achieved.

According to Philex, the general contractor is prepared to begin the process plant’s design and construction phases.

Second phase

Early this month, Philex chairman Manuel V. Pangilinan said the company may raise another $400 million, or more than P23 billion, to fund the planned second phase of the ongoing mine project.

In preparation for the start of commercial operations next year, Silangan secured a $170 million, or nearly P10 billion, loan facility earlier this year.

Likewise, Philex obtained a $100 million or approximately P5.8 billion syndicated debt facility from various lenders in 2023, specifically designated for the Silangan mine project.

During the first half of the year, Philex generated P410 million core net income, 41.51 percent lower than the reported P701 million in the same period a year ago.