Philex Mining Corp., the Philippines’ largest copper and gold miner, said Friday the latest mineral reserve estimate in its Padcal mine showed total proved reserves of 40.7 million tons of ore, with grades of 0.17 percent copper and 0.21 grams of gold per ton.
At those mineral grades, the company said, the estimated copper reserve is at 122.9 million pounds and gold reserves at 225,000 ounces.
Philex said the estimated prices for copper is at $3.50 a pound and gold at $1,700 a troy ounce from 2023 until the year 2027, suggesting that the mining company plans to operate Padcal mine until that year.
Padcal’s mine life has already been extended to 2024. The additional three years to 2027 could give the company a steady income stream while it puts the Silangan gold and copper mine in Mindanao into full operation.
The estimated cost of extracting and processing the ore was pegged at P957 per ton.
