Philex Mining Eyes Sustained Operations at Padcal Mine Amid Upgrades

MANILA, Philippines — Pangilinan-led Philex Mining Corp. expects to sustain operations for its Padcal mine in Benguet through the rest of the year, following the completion of rehabilitation works. Philex, one of the largest gold producers and oldest miner in the country, said rehabilitation works on the secondary and tertiary crushing plant at its Padcal mine have been completed. The company expressed confidence the upgrade would help sustain mining operations for the rest of 2026. It added that continued strength in gold and copper prices is expected to further support profitability. For its Silangan project, Philex said its general contractor for the process plant, EEI Corp., has been making progress in various stages of turning over completed areas to its unit Silangan Mindanao Mining Co., Inc. (SMMCI). SMMCI and its lead consultant, Ausenco Pty. Ltd, will conduct progressive commissioning of the process plant, on track to meet its completion target by the fourth quarter of 2026. Once operational, the Silangan project is expected to broaden Philex’s mineral portfolio and lessen its dependence on the nearly 68-year-old Padcal mine in Benguet. Meanwhile, Philex reported a net income of P392 million recorded in the second quarter, more than double the P171 million recorded in the same period last year. The company’s revenues likewise rose by 30 percent to P2.423 billion during the three-month period from P1.86 billion the previous year. Padcal mine produced 1.56 million tons during the period, with gold output reaching 4,011 ounces and copper production at 3.39 million pounds. The company’s average copper price stood at $6.23 per pound, higher than the $4.09 per pound in last year. Realized gold prices averaged at $4,136 per ounce in the April to June period, up 65 percent from the $2,504 per ounce the same period last year. Source: Philstar Business