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Philippines' Philex says Chinese miners keen to join Silangan copper-gold project

Published 03/03/2021, 02:59 PM
Updated 03/03/2021, 03:00 PM
© Reuters.

MANILA, March 3 (Reuters) -
* Philippines' copper and gold producer Philex Mining Corp
PX.PS
said on Wednesday a number of Chinese mining companies had
expressed interest in investing in its $1.1 billion Silangan
project in southern Surigao del Norte province
* "One is keen to proceed. Quite hopeful we will get a
partner and
metal prices are helping prospects," Philex Chairman Manuel
Pangilinan said in a briefing though he did not identify the
company
* The Silangan project, originally slated to begin
production by
2018, was hit by a ban on new open-pit mining introduced in 2017
as the government in one of the world's top copper, gold and
nickel producers stepped up environmental protection
* Philex has invested 17 billion pesos ($350 million) in
Silangan's development, Pangilinan said
* The Silangan mine will be Philex's main source of revenue
after
the closure of its Padcal mine in the north, which has been in
operation since 1958
* The discovery of additional ore reserves at Padcal has
enabled
Philex to extend the mine's life by two years to 2022, but
Pangilinan now believes it could be extended further by two more
years


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