Philex Mining Corp. is close to securing the funds it needs to start the development of the Silangan gold and copper mine in Surigao del Norte.
“We are now almost done securing funding for the project which includes financing from the Philex stock rights offer, project financing debt syndication of Silangan and additional cash infusion from Philex cash reserves,” said Eulalio Austin Jr., Philex Mining president and chief executive officer, at the company’s annual stockholders’ meeting Thursday.
Philex Mining completed the SRO in August last year to develop the Silangan starter mine and begin commercial operations by early 2025.
Austin said the debt syndication component is nearing completion as well.
Earlier, Philex Mining needed an initial investment of $224 million to develop the starter mine seen producing 2,000 tons of ore daily ramped up to 12,000 tons daily on its 12th year of operation.
Last year, Philex Mining reported a 31.6 percent decline in core net income of only P1.73 billion against P2.53 billion in 2021.
It also reported a 5.5 percent drop in revenue to P9.26 billion from P9.8 billion for the period.
It traced the lackluster performance to higher operating costs as well as lower ore tonnage extracted from the mine.
