June 27, 2013

Philex seeks permanent lifting of suspension order

Philex Mining Corp. is asking the government to permanently lift the suspension order on its mining operations in Padcal Benguet, saying it has put in place the necessary measures to rehabilitate its copper gold mine and address environmental concerns.

A total of 611,801 tons were milled since the resumption of operations to the end of the quarter, producing 7,610 ounces of gold and 2.434 M pounds of copper.

Philex intends to raise P12 B from a stock-rights offering this year to finance the rehabilitation  of the Padcal mine and the development of its Silangan copper-gold project in Surigao del Norte. Padcal mine’s lifespan remains until 2020. - WealthSec