June 16, 2013

Philex Mining wraps up 4-mo rehab of Padcal

Philex Mining Corp. is expected to finish the rehabilitation of its Padcal mine in Benguet next month, paving the way for the sale of additional shares to finance projects in the facility. Moving forward, Philex is planning to sell more than P12  B worth of shares to finance other projects, including the construction of a new tailings pond in Benguet.

Proceeds will also be used to fund an exploration program of the Silangan and Kalayaan mining projects in Surigao del Norte. The former is expected to begin commercial operations by 2017. The equity offering, Pangilinan said, will depend on the government allowing Philex to proceed with normal operations. - WealthSec