SILANGAN Mindanao Mining Co. Inc., a wholly owned subsidiary of Philex Mining Corp., one of the oldest and largest gold and copper producers in Southeast Asia, signed a syndicated debt facility, led by BDO Capital and Investment Corp., in simple ceremonies in Pasig City.
According to Philex president and chief executive officer Eulalio Austin Jr., the signing of the Omnibus Loan and Security Agreement for the US$100 million debt facility is another positive milestone to support the ongoing development of the Silangan Project.
Development works continue in the Silangan Project with the ongoing underground tunneling works passing the 210-meter mark or about 35 percent of the distance towards the ore body.
Clearing works and the access road to the Tailings Storage Facility (TSF) area are nearing completion with the issuance of the permit by the Municipality of Sison, Surigao del Norte for the construction of the TSF.
The management is in the final stages of evaluating the proposals and is set to award the contract for the TSF as well as for the process plant under an EPcm (engineering, procurement and construction management) arrangement.
The Silangan Copper and Gold Project touted as one of the big three mining projects in the country is targeted to commence commercial operations by the first quarter of 2025.