Philex extends Padcal mine life until end-2028

Pangilinan-led Philex Mining Corp., one of the oldest and largest gold producers in Southeast Asia, has extended the life of its Padcal Mine in Benguet by a year or until the end of 2028.

- By JASPER EMMANUEL ARCALAS

Padcal's mine life was earlier estimated to last until the end of 2027 as long as gold prices remain at a profitable level which would allow the company to sustain operations and not run at a loss.

Philex said a recently completed study found out that there are more ores that could be mined at the mine site, particularly those that would come from the pillars at 760-ML production level.

"There are tonnages also from previously developed draw points beyond one hundred percent extraction that provide good grades that we continue to mine," the company said yesterday.

"These are on top of the mineable reserves that we declared in the 2027 projected end-of-mine life," it added.

The company explained that the economic viability of extending the mine life of Padcal was confirmed following price sensitivity analyses.