Philex Mining targets 1st Silangan output by Q1
PHILEX MINING CORP. said its Silangan Copper-Gold project in Surigao del Norte province is entering the final stretch of development and remains on schedule to produce its first metal by the first quarter of 2026, positioning it among the country’s biggest mining ventures in decades.
In a disclosure on Monday, the listed miner said construction and underground works are advancing steadily, with Level 95 mine development and production drifts expected to be completed by February.
Commissioning of the processing plant is targeted for end-January, with the first metal output by March.
“The company continues to stockpile development ore for expected use in charging up the process plant during commissioning by end-January 2026,” Philex said. “[About] 66,000 metric tons (MT) of ore are already stockpiled at the surface, equivalent to a month’s production at the programmed initial rate of 2,000 MT per day.”
Samples from the mining zones confirm the presence of high-grade mineralization consistent with findings in its 2019 technical report, it said, adding that additional testing is under way to validate early results.
“In a race, there are two important points: the start and the finish. The runner needs a strong start and will exert his last force of energy closest to the finish line,” Philex President and Chief Executive Officer Eulalio B. Austin, Jr. said in a statement.
“We are now at the most critical part of the race, so we focus all our energy on winning at the finish line. We do this not just for our own success, but for the betterment of the lives of our stakeholders, particularly the host and neighboring communities,” he added.
The Silangan project’s process plant is about 70% complete, while the tailings storage facility is 76% finished, according to the update. Work continues on the main embankment, clean-water dams and pipeline systems connecting to the plant.
The company has also completed a six-kilometer tailings pipeline road linking the process plant to the tailings storage facility, allowing for early access and construction logistics.
The main embankment is 85% done, and Philex said the final stage involves connecting an open channel to ensure proper runoff and avoid premature pumping. The high-voltage switchyard is expected to be energized by January 2026.
The Silangan project is central to Philex’s long-term strategy to extend its life-of-mine operations beyond the Padcal Mine in Benguet that has been producing for more than six decades.
Once operational, Silangan is expected to deliver an average annual output of about 81 million pounds of copper and 34,000 ounces of gold during its first phase.
The project — one of the biggest investments in Mindanao’s mining sector — is projected to generate thousands of direct and indirect jobs, alongside tax and royalty payments to local governments and indigenous communities.
Despite construction progress, Philex’s nine-month attributable net income dropped 24% to P481.81 million from a year earlier due to higher costs and lower copper prices. Gross revenues, however, rose 2.9% to P6.28 billion, lifted by stronger gold prices.
The miner said average realized gold prices climbed sharply to $3,642 per ounce in the third quarter compared with $2,336 a year ago. For the nine months to September, average gold prices were $2,874 per ounce, up from $2,115 a year ago.
Copper prices, meanwhile, weakened slightly to $4.43 per pound in the third quarter from $4.59 a year earlier. The nine-month average was $4.28 per pound, down from $4.52 in 2024.
Tonnage milled increased marginally year on year, but overall gold and copper output was slightly lower or close to 2024 levels, the company said.
The Silangan mine’s completion will mark a key milestone for the Philippine mining sector, which has been undergoing regulatory reforms aimed at attracting foreign investment and expanding downstream processing. The project is among several large-scale developments expected to boost the country’s mineral exports and support President Ferdinand R. Marcos, Jr.’s goal of maximizing resource-based industries for economic growth.
At the Philippine Stock Exchange on Monday, Philex Mining shares fell 0.87%, or P0.07, to close at P8 apiece.
Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.
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