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Philex seeking strategic partner for Silangan copper project

Philex Mining Corp. said July 31 that it tapped financial and legal advisers to seek potential strategic partners for developing its Silangan copper project in the Philippines.

The base metals miner enlisted J.P. Morgan and Mizuho to secure funding for the project, which will be developed in three phases across its Boyongan, Bayugo and Kalayaan deposits.

A definitive study for the initial phase of the sublevel cave mining development targeting the Boyongan deposit expects commercial production by the second half of 2022, following the development completion within 2.5 years.

Previously, the miner flagged a delay to the start of mining at Silangan due to a national ban on new open pit mining.

In the study, Philex estimated an initial mine life of 22 years for the Boyongan deposit, which hosts minable ore grade of 0.63% copper and 1.20 g/t gold. The miner has earmarked about US$750 million for the development costs of Boyongan.

A preliminary study for the second phase of operations, targeting the Bayugo deposit, will be undertaken this year. The deposit is expected to be mine ready as early as the fifth year of mining operations at the Boyongan deposit.