Philex Mining Corp., one of the oldest and largest gold and copper producers in the Southeast Asia, said it will again extend the life of its Padcal Mine through 2028.
Pascal Mine in Benguet province has been producing copper, gold and silver for more than six decades. Philex said the mine still has remaining ore resources that can be mined depending on global metal price forecasts. “Based on a completed study after recalibrating the mining plan, the life of the Padcal Mine is extended for another year from December 2027 to December 2028,” the listed mining company said.
The extension will allow the smooth transition of Philex’s revenue stream to its Silangan mine project in Surigao del Norte.It said additional tonnage from Padcal Mine “will be coming from the mining of pillars at 760-ML Production Level as it will contribute good grades. There are tonnages also from previously developed draw points beyond one hundred percent extraction that provide good grades that we continue to mine,” Philex added.
Philex said price sensitivity analyses were applied on the remaining reserves which further confirmed the economic viability of extending the mine life.
