Pangilinan-led Philex Mining Corp. remains on track to begin operations at its Silangan mine by 2026, even as its full-year 2024 core net income dropped 22 percent to P746 million from P963 million in 2023.

Despite higher gold and copper prices, the company’s earnings last year were weighed down by rising costs, with operating expenses climbing 9 percent to P7.299 billion due to elevated material and supply prices.

Operating revenues rose to P8.183 billion from P7.726 billion in 2023, reflecting strong commodity prices.

Gold prices averaged $2,419 per ounce in the fourth quarter, while copper peaked at $4.57 per pound in the third quarter before settling at an average of $4.32 per pound for the rest of the year.

Philex president and CEO Eulalio Austin Jr. said the company remains focused on sustaining operations at its Padcal mine while preparing Silangan for production.

“In 2025, we will navigate the challenges of operating an old yet viable mine like Padcal and commissioning a new mine like Silangan… It is imperative that Silangan becomes operational by the first quarter of 2026, marking a new era for Philex and the Philippine mining industry,” Austin said.

“Padcal still has potential, and we are looking at pulling out all the stops to ensure its survival beyond its projected 2028 mine life,” he added.

Earlier this year, the Silangan project reached the Santa Barbara 1 ore body through its underground main access decline, logging 7.5 million man-hours without a lost-time accident as of 18 January.

The project remains on track, with key processing equipment delivered and the tailings storage facility over 50 percent complete.

Underground production tunnels and the tailings facility are expected to be completed by the third quarter of 2025, while the process plant is set for commissioning in the fourth quarter.