Silangan Mindanao Mining Co., Inc., a wholly owned subsidiary of Philex Mining Corp., one of the largest gold and copper producers in Southeast Asia, signed a deal for additional USD70 million with additional lenders who syndicated the credit facility.
The signing of the loan agreement completes the total USD170 million facility needed to bring the Silangan Project into commercial operation by the first quarter of 2025.
Present during the signing of the Deed of Accession were Philex chairman Manuel V. Pangilinan and Philex president and chief executive officer Eulalio B. Austin Jr., executives of Silangan Mining as well as executives of the Philippine National Bank, Philippine Bank of Communications, and Security Bank Corp. SB Capital Investment Corp. was mandated lead arranger, and PNB and PBCOM as joint lead arrangers.
Last year, Philex signed the omnibus loan and security agreement for a USD100 million syndicated debt facility with lenders, namely Union Bank of the Philippines, Security Bank Corp. and Bank of the Philippine Islands, with BDO Capital and Investment Corp. as mandated lead arranger and UBP as co-lead arranger. .
Development works continue at the Silangan Project with the ongoing underground decline development now midway to the Boyongan ore body. Initial works at the tailing storage facilities have started, while the tendering process for the various packages of the process plant is ongoing.
Packages for some of the long lead items needed for the process plant have already been awarded to various global suppliers.
The Silangan Copper and Gold Project is touted as one of the Big Three mining projects in the country and is targeted to commence commercial operations early next year.
