- Business
- Philex Mining Corporation (PXMFF), incorporated in 1955 and headquartered in Mandaluyong City, Philippines, primarily engages in large-scale exploration, development, and utilization of mineral resources through its subsidiaries, including Philex Gold Philippines, Inc., Silangan Mindanao Exploration Co., Inc., and Silangan Mindanao Mining Co., Inc. The company operates the Padcal Mine in Benguet using underground block-cave methods to produce copper concentrates containing copper, gold, and silver; it previously operated the Bulawan Mine in Negros Occidental until decommissioning in 2022; and develops the Silangan project in Surigao del Norte, encompassing the Boyongan and Bayugo deposits for future copper and gold production. Operations focus on the Philippines, serving global markets via long-term concentrate sales agreements.
In recent developments, Silangan Mindanao Mining Co., Inc. signed a US$100 million syndicated debt facility in November 2023 and an additional US$70 million deed of accession with lenders in March 2024 to fund project advancement, positioning the Silangan mine for commercial operations starting in 2026 at a planned capacity of 12,000 tons per day. Philex extended Padcal Mine life beyond 2027 through recalibrated mining plans targeting high-grade pillars and additional draw points, supported by economic viability studies under current metal prices. The company also finalized a collective bargaining agreement in January 2024 with the Philex Mines Supervisory Employees Union for salary increases, alongside ongoing sustainability efforts including reforestation and community programs.