Philex seeks more viable deposits

MANILA, Philippines - Philex Mining Corp. is scouring the environs of its Padcal copper-gold mine in Benguet for viable deposits that can extend the mine’s lifespan beyond 2020.

Interviewed on the sidelines of the launch new TV 5 program Yaman ng Bayan on Friday night, Philex chairman Manuel V. Pangilinan confirmed that prospects for expansion of production within the tenement is being reviewed.

“We are prospecting within the concession area to see whether there are additional resources that we can develop to extend the mine life,” he said.

Pangilinan said the company has completed the rehabilitation of the mine that suffered from a massive tailings spill in August 2012.
While the extent of rehabilitation is assessed, the mine operates on a temporary basis.

“We have already filed an application with government for the
permanent lifting (of the temporary operation status) and we are just waiting,” Pangilinan said.

The company has already settled with the Mines and Geosciences Bureau (MGB) a record fine of P1.034 billion for the tailings spill and still faces a huge fine imposed by the Pollution Adjudication Board (PAB) for violation of the Clean Water Act.

The PAB imposed the maximum penalty of P200,000 per day until the pollution is completely cleared from the waterways. Mines and Geosciences Bureau (MGB) chief Leo Jasareno said the company has completed the rehabilitation works listed in its rehabilitation plan.

“The MGB and the Pollution adjudication board will come up with a roadmap for Philex,” he said.