TUBA, Benguet – The Padcal mine of the Philex Mining corporation will operate beyond its projected mine life of 2022, Philex chairman Manuel V. Pangilinan told stockholders during the recently-concluded Annual Stockholder’s Meeting held at the Marco Polo Hotel in Pasig City.
“You have heard Mr. Euls Austin, our President and CEO that we have sustained and continuing activities in exploring resources within the tenement.” And “there’s a good chance that we could extend it beyond 2022,” Pangilinan added.
The company’s releases last year and this year revealed that it was able to locate additional ore reserves that will extend the life of its Padcal’s mine two more years from the current projected life of 2022.
Philex announced earlier this year that it pushed back its plan to mine the 800 and 600 meter levels in its Padcal mining area to year 2018 to rationalize its scheduled capital expenses due to depressed metal prices until it improves. So far, metal prices for copper and gold are peaking up that would be much welcome for the listed company which is operating the largest gold, copper and silver mining operations in the country.
In the company’s disclosures, the remaining Padcal mine’s estimated ore reserve is some 69.2 million metric tons (MT) to last until year 2022. Padcal’s estimated mine were extended from time to time based on the proven ore reserve which was last estimated to be up to 2020 only.
Ever optimistic as he is, chairman Pangilinan noted that Philex’s 2016 financials for the first half of the year appears to better than in the same period in 2015. And when pressed for the outlook for entire year, MVP readily remarked that “double ¬digit growth” is not farfetched to think of.
In its audited financial statement released as early as February 2016, the company declared that it netted an income of P776 million for 2015, compared to a net income of P703 million in 2014, a ten percent increase.
The increase in income is basically due to good management of capital costs and other expenses for the year. The current rising of metal prices in the world market is seen as a boon to the entire mining industry even at the uncertain state of mining support in the light of the appointment of a new environment and natural resources secretary to succeed Sec. Paje.
Philex has been operating its gold, silver and copper operations over the past 58years which contributed to the generation of jobs and increased sources of livelihood for people living in host and neighboring communities as well as added source of income for concerned local governments in the province through their share from the national wealth tax and the business and real property taxes being paid by the company to the localities.