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TUBA, Benguet – A mining industry executive disclosed that there are bright prospects for the global mental industry amidst the ongoing Coronavirus Disease 2019 (COVID-19) pandemic which could help in the revival of the world economy in the next three to five years.
Philex president and chief executive officer Engr. Eulalio B. Austin, Jr. stated that the aggressive promotion of the use of electronic vehicles and artificial intelligence created the demand for metals, particularly copper, that will serve as a stepping stone to the sustained operation of mining companies located in the different parts of the world.
He pointed out that what is going right for the mining industry is the prevailing high metal prices that had been going on for the past several years that is why it was able to help the mineral industry survive the onslaught of the pandemic.
The Philex official explained that with the prevailing high metal prices, operating mines were able to go back to their old ore deposits that are low grade to take advantage of the good metal prices and earn income from the said deposits.
Austin added that the upcoming revival of the world economy that had been heavily impacted by the ongoing pandemic will also increase the demand for quality metal that is why the prognosis of experts is that the good outlook for the mineral industry will be existing up to a maximum of 5 years depending on the situation in the different countries.
Philex had been operating its Padcal mine in this mineral-rich town over the past 64 years and the company was able to earn its distinction as the largest gold and copper producer in the country over the past several years.
Austin claimed that the company has been continuously operating amidst the ongoing pandemic with strict adherence to the implementation of minimum public health standards to prevent the possible outbreak of the deadly virus in the mine site, especially with the emergency of the more infectious Delta variant.
According to him, mining companies will have to take advantage of the prevailing high metal prices and the projected bright prospects for the global mining industry to continue providing jobs for the existing workforce aside from helping in the overall development of their host communities and the preservation and protection of the environment.
He underscored that Philex will continue to lead the way in the practice of responsible mining to help in elevating the operation of the mining industry to a higher level to achieve the overall objective of maximizing the development and utilization of the rich resources of the State for the overall growth and development of the host communities and the local governments hosting mining operations in the different parts of the country.
The Philex president emphasized that mining companies must always be inclusive in the implementation of their respective expansion and development projects to be able to earn the trust and confidence of the indigenous peoples (IPs), the local governments and the concerned stakeholders who they target wot work with to avoid unnecessary conflicts that might eventually affect their operations in their tenement areas around the archipelago. By HENT