Philex eyes delay on first stages of Silangan mine

GOLD and copper miner Philex Mining Corp. is expecting a delay on the early stages of its Silangan mine in Surigao del Norte, citing challenges on the availability of funds to fuel the initial operations, as well as issues raised by investors, its top official said.

At the sidelines of the Minerals Industry Symposium during the four-day 66th Annual National Mine Safety Environment Conference, Philex President and Chief Executive Officer Eulalio Austin told reporters that while the company had already tapped reputable financial institutions J.P. Morgan for equity investment and Mizuho for project financing, there have been no “fixed investors” yet.