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Philex eyes new mining prospects with rising metal demand: MVP

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Manny V. Pangilinan during the ASEAN Business and Investments Summit in ParaÒaque City on Tuesday. Mark Demayo, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/02/09/20171114-pangilinan-abis-asean-md-358.jpg"/><figcaption>Manny V. Pangilinan during the ASEAN Business and Investments Summit in ParaÒaque City on Tuesday. <em>Mark Demayo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - Philex Mining is eyeing new mining prospects after work on the firm&#x27;s Silangan Copper Gold project in Surigao Del Norte continued, its chairman Manny Pangilinan said Wednesday.</p><p>Philex is investing $224 million more to the project after the ban on new mining deals was lifted by President Rodrigo Duterte.</p><p>Duterte in April 2021 lifted the moratorium on new mining agreements to boost economic growth. </p><p>In an interview with ANC, Pangilinan said they invested some P17.9 billion in the Silangan project which began during the administration of Benigno Aquino III.</p><p>&quot;There has been a previous batch of investment to bring us to phase 1 development of Silangan and actual production of gold and copper will entail about $224 million on top of what has been invested,&quot; he said. </p><p>With looser restrictions on mining, the tycoon said they are exploring expansion prospects in Mindanao and Benguet, among others. </p><p>Demand for copper, nickel, gold and other minerals is also expected to continue rising due to technology and innovations, such as electric vehicles and smart phones, because almost everything needs a certain amount of minerals, he said. </p><p>“We got other mining prospects now that we’ve started Silangan and we’re being approached by other mining owners. With the advent of e-vehicles I think there will be a huge demand for metals as they manufacture these electric vehicles,” Pangilinan said. </p><p>Asked whether Philex will consider open pit-mining for the Silangan project, Pangilinan said underground mining is more environment friendly.</p><p>Shifting to open-pit mining will also cost billions, he added.</p><p>Pangilinan also said the company is committed to its efforts to make their operations environment-friendly and sustainable.</p><p>Aside from mining, Pangilinan has interests in telecommunications, energy and health, among others. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/04/15/21/rodrigo-duterte-approves-new-mining-deals-agreements">Duterte lifts moratorium on new mining deals</a></li>	<li><a href="https://news.abs-cbn.com/business/05/26/11/philex-mining-saga-how-first-pacific-acquired-control">The Philex Mining saga: How First Pacific acquired control</a></li>	<li><a href="https://news.abs-cbn.com/business/02/27/17/philex-tells-denr-mining-contracts-valid-legal">Philex tells DENR: Mining contracts valid, legal</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1921124" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Philex Mining is eyeing new mining prospects after work on the firm's Silangan Copper Gold project in Surigao Del Norte continued.