Philex Mining Corp. said its subsidiary, Silangan Mindanao Mining Co. Inc., signed a deed of accession for the additional $70 million with additional lenders that syndicated the credit facility.

Among the lenders are the Philippine National Bank (PNB), Philippine Bank of Communications (PBCOM) and Security Bank Corp., the company said in a statement yesterday.

SB Capital Investment Corp. served as mandated lead arranger, with both PNB and PBCOM also acting as joint lead arrangers.

Philex Mining said the signing of the agreement completes the total loan facility of $170 million needed to bring the Silangan copper and gold project into commercial operation by the first quarter of 2025.

Last year, the company signed the omnibus loan and security agreement for a $100 million syndicated debt facility with lenders Union Bank of the Philippines (UBP), Security Bank and Bank of the Philippine Islands, with BDO Capital and Investment Corp. acting as mandated lead arranger and UBP as co-lead arranger.

Philex Mining said development works continue in the Silangan project with the ongoing underground decline development now midway to the Boyongan ore body.

Initial works at the tailing storage facilities have also 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 been awarded to various global suppliers.

The company mentioned before that Silangan mine is expected to be a major exporter of metallic minerals for the Philippines that will generate foreign exchange receipts to augment and increase the country’s foreign currency reserves.

The project is also seen to create thousands of direct and indirect employment, particularly in various towns of Surigao del Norte, broken down to 1,317 site in-house team members, 31 headquarters team member and over 2,100 construction workers.