Filtered By: Money
Money

Philex completes study of copper-gold project in Mindanao


Philex Mining Corp., the country's largest miner, on Wednesday disclosed the completion of the independent Mineral Resource Project estimates containing the combined Boyongan-Bayugo deposit – Silangan Project - in the Surigao Mineral District. In a statement to the Philippine Stock Exchange, Philex said the Boyongan-Bayugo copper-gold porphyry deposit holds an estimated metal content of 5 billion pounds of copper and 9 million ounces of gold. The independent Mineral Resource estimates for Boyongan and Bayguo was prepared by SRK Perth, Australia. SRK's estimates were made using the standards and guidelines for reporting Mineral Resources given in the JORC (Joint Ore Reserves Committee) Code. "We are excited about the Silangan Project and the prospects of further exploration into the Kalayaan tenement. We estimate that the project cost for developing the Silangan Project will be in the region of $1 billion over a period of three years. It will be a significant project and will probably be one of the most important for Mindanao in terms of promoting economic development," said Manuel V. Pangilinan, Philex chairman. He added that the development phase and the operation of the mine will generate substantial employment in the region. "We also expect that the roads, schools and hospitals and other infrastructure associated with the Silangan Project will benefit directly the residents of Surigao. We are conscious of our responsibility to our stakeholders and we have the track record to show how we have uplifted the lives of our stakeholders in the mines that we have operated, including the mine that we are currently operating in Padcal," Pangilinan said. Both the Boyongan and Bayugo deposits, about one kilometer apart, are characterized by two zones of copper-gold mineralization each taking the form of pipe-like quartz-copper sulfide stockwork zones centered on and around two progenitor. In May, Philex disclosed that at least five lenders indicated their interest to fund the Silangan project. For the year's first three months, Philex said its earnings nearly tripled to P1.33 billion from P520.1 million in the same months last year, boosted by higher value of metals. -- CMA/OMG, GMA News

LOADING CONTENT