PHILEX Mining Corp. has announced that its subsidiary in Surigao del Norte has secured the renewal of its mineral production sharing agreement (MPSA) from the government.

In disclosure to the stock exchange on Monday, Philex Mining said the Department of Environment and Natural Resources (DENR) had approved a new 25-year term of MPSA-149 under Silangan Mindanao Mining Co., Inc.

The company said the new term will start on Dec. 29, 2024.

“MPSA-149-99 XIII covers the Boyongan deposit in the Province of Surigao del Norte and is part of Silangan Mindanao Mining Co., Inc.’s Silangan Copper-Gold Project,” the company said.

Philex’s Silangan project is touted as one of the big ticket mining projects that can greatly increase the contribution of the local mining industry to the Philippine economy.

However, it has been affected by the ongoing ban on open pit mining imposed by the late former Environment Secretary Regina Paz L. Lopez in April 2017.

Open pit mining is a surface mining method that has been used by the mining industry for the extraction of minerals such as copper and gold.

During the third quarter, Philex Mining posted an attributable net income of P495.04 million, sparked by better revenues. The company’s revenues during the period rose 21.9% to P2.17 billion.

For the January-September period, Philex Mining said its net income more than doubled to P919.59 million, against the P439 million it posted last year.

On Monday, shares in Philex Mining at the stock exchange rose 5.27% or 27 centavos to end at P5.39 per piece.

Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave