Philex Mining Corp. said the mine life of its Padcal site in Benguet has been extended until the end of 2024 from the earlier valuation of end-2022 after the completion of confirmatory drilling and related technical studies.
In a disclosure to the Philippine Stock Exchange, the company said as of end-March, the updated remaining mineable reserves in the site are estimated at 30.2 million tons with average gold and copper grades of 0.23 grams per ton (g/t) and 0.18 percent, respectively.
Philex Mining said the new estimate includes additional reserves of 16.2 million tons from the previously declared estimated mineable reserves as of end-2020 at 17.4 million tons with an average gold and copper grades of 0.27 g/t and 0.18 percent that was reported in February.
The additional mineable reserves are expected to be mined over two years, extending the life of Padcal Mine until Dec. 31, 2024.
Philex Mining said it is processing all permits and other regulatory requirements in connection with the mine life extension.
The company recorded a P540 million income in the first quarter of 2021, more than four times the P103 million in the same period in 2020. – Jed Macapagal
