FRESH FUNDING BANKROLLS SILANGAN MINE’S TIMELY COMMERCIAL START
Silangan Mindanao Mining Co., Inc., a wholly owned subsidiary of Pangilinan-led Philex Mining Corp., has raised $100 million through a syndicated loan to bankroll the development of its large-scale mining project.
The company recently signed the Omnibus Loan and Security Agreement or OLSA with lenders Union Bank of the Philippines, Security Bank Corporation and Bank of the Philippine Islands, and BDO Capital and Investment Corporation as lead arranger.
Philex President and CEO Eulalio B. Austin, Jr. said the development was “another positive milestone” that would ensure the on-time start of the commercial operation of the Silangan Copper and Gold Project by the first quarter of 2025.
“All these would not have been made possible without the favorable climate for mining that the administration of President Ferdinand “Bongbong” Marcos Jr. had created,” Austin said.
Last year, Philex raised P2.6 billion from a Stock Rights Offering, the proceeds of which were allocated for the development of Phase 1 of the Project.
Phase 1 of the Silangan Project, which covers the Boyongan Ore Deposit, has an estimated mine life of 28 years based on our declared Mineable Reserves of 81 Million tonnes at 0.67 percent Copper and 1.13 grams/tonne Gold.
It is anticipated to have a recoverable Copper of about 993 Million Pounds and 2.8 Million Ounces of Gold.
To date, development works continue in the Silangan Project with the ongoing underground tunneling works—passing the 210-meter mark or about 35 percent of the distance toward the ore body. – Maria Bernadette Romero