Connect with us

Hi, what are you looking for?

Economy

Philex Mining unit gets new 25-year term from DENR

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Jenina P. Ibañez, Reporter PHILIPPINE INDUSTRIES are struggling with higher import costs caused at least in part by global supply chain constraints amid...

Economy

ELECTRONICS EXPORTS growth this year could exceed the initial target if supply chain limitations are resolved, the industry group’s top official said. Semiconductor and...

Economy

CAR SALES in May increased by more than four times from the same month last year after coming off a low base. A joint...

Economy

A SECURITIES and Exchange Commission (SEC) panel revoked the license and slapped a P32-million fine on Venture Securities, Inc. (VSI) and key officers over...

Economy

Grid operator says department policy will not eliminate brownouts By Angelica Y. Yang, Reporter THE Department of Energy (DoE) told privately owned National Grid...

Economy

STREAMING your favorite hour-long television show is the environmental equivalent of boiling a kettle for six minutes or popping four bags of popcorn in...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!