September 03, 2013

Philex unit shuts down coal mine in Zamboanga

Philex Mining Corp. said its wholly-owned subsidiary Brixton Energy and Mining Corp. (BEMC) would proceed with the closure of its coal mine in Diplahan, Zamboanga Sibugay under Coal Operating Contract 130 (COC 130).

The underground mining operations in COC 130 has been suspended since Jan. 1, 2013 due to negative margins resulting from the high operating costs and the substantial drop in regional coal prices in 2012. The oversupply of coal in the global markets has pulled world coal prices down. - WealthSec