Philex nears agreement with foreign investor for Silangan mining project

Philex Mining Corp. is nearing an agreement with a foreign investor for its Silangan project in Surigao del Norte, with negotiations focusing on a minority stake in the wholly owned subsidiary, Silangan Mindanao Mining Co. Inc.

Chairman Manuel V. Pangilinan indicated that Philex will retain majority control of Silangan while allowing a new investor to take a minority stake due to the project's high-grade reserves and potential.

The company's share price has been rising recently and reached near its 52-week high last Friday, reflecting positive market sentiment towards the project's progress.

Philex announced significant progress on the Silangan project, with the underground main access decline reaching the Santa Barbara 1 ore body and marking over 7.5 million man-hours without loss time accident as of January 18, 2025.

The process plant is expected to be ready for commissioning by the fourth quarter of this year, while phase one of the project has an estimated mine life of 28 years based on its declared reserves.