Philex Mining Corp.'s Silangan copper project in the Philippines' Surigao del Norte province will proceed as planned as the Mines and Geosciences Bureau approved the operation's revised declaration of mining project feasibility, the agency's chief, Wilfredo Moncano, said.
On the sidelines of the Mining Philippines 2019 conference in Manila on Sept. 12, Moncano said the miner, which opted for sub-level cave mining development targeting the project's Boyongan deposit in its revised feasibility, will not be affected by an open pit mining ban that has been in place 2017.
"[The Silangan project's] revised DMPF was cleared this year. The only [permits] that remain are the certificate of approval of the environment protection enhancement program and the final mine decommissioning program," Moncano said.
Philex Mining President and CEO Eulalio Austin Jr. confirmed that it will receive the shortlist of investors seeking to take up a 40% stake in the operation from J.P. Morgan in early December, saying there are indications from interested parties to take up the stake.
Austin added that early development work will start as scheduled toward the end of the first half of 2020 upon securing the investment as early as March 2020. Initial development costs for the operation are projected at US$750 million.
Commercial production is slated to begin in 2022, with ramp up toward the full 4 million-tonne-per-day operation to take place by 2023.
