Philex Mining Corp., the Philippines’ largest copper and gold producer, plans to accelerate the development of its Silangan project to capitalize on favorable metal prices, which drove a more than 20% increase in its third-quarter earnings.

The company, led by bilyonaryo Manny V. Pangilinan, said mine development is nearing completion at its Silangan Copper and Gold Project in Surigao del Norte, with the main access decline to the Boyongan Ore Body now less than 50 meters from completion.

Philex also confirmed that it is continuing to assess the feasibility of extending the life of its Padcal mine beyond 2027.

“There is a need to fast-track the development of the Silangan Project as conditions now are just right,” President and CEO Eulalio Austin Jr., Philex. “We have a responsive metals market brought about by the demand for critical metals necessary for the green energy transition and a favorable regulatory environment due to the support from the current administration.”

Once the ore body is reached, production line development will begin on the first mining level, and the development ore will be hauled to the surface, according to Austin.

The Silangan project is on schedule to produce its first metal output during the process plant’s debugging phase in February 2026, with commercial operations expected to commence in the first quarter of that year.

For the third quarter, core net income rose 23% to P200 million from a year ago, while EBITDA jumped by half to P506 million. Gold output for the third quarter was 7,801 ounces, while copper production totaled 4.951 million pounds.

Work on the ventilation exhaust shaft and other ancillary services for the Silangan project is ongoing, with the design and construction contractor starting civil works for the process plant.

Work on the tailings facility is also progressing, with completion targeted for June 2025.