In its statement on Monday, the copper and gold producer said the extension depends on a variety of factors.
The Padcal mine has been in operation since 1958 and was scheduled to cease operation by the end of 2024. “[Silangan] will start commercial operation by early 2025, limiting any major impact to Philex’s income flow even if Padcal ceases operation as scheduled in 2024,” the company said in a statement. “An overlap in Padcal and Silangan’s operation could further bolster Philex income stream.”
Last week, Philex said the first-phase deposit in its Silangan project could yield close to $7 billion in sales of metallic mineral over 28 years.
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