Malaya Business Insight
The Padcal gold and copper mine in Benguet, the 50-year-old project that made Philex Mining Corp. into the No.1 local mining company, may be good for another 10 years, three years more than its revised estimated lifetime.
Pushing the lifetime of the mine will, however, require P700 million in new investments, which Philex does not see any problem in meeting.
"The cash flow can handle that. We have a robust cash balance," said Philex president Jose Ernesto Villaluna Jr.
Philex posted a net income of P3.95 billion for last year, up from P2.74 billion in 2009. Operating revenue was P13.4 billion, up 48 percent.
"Seven years ago, Padcal’s mine life was only until 2011, but it was extended until 2014 in 2007. This was further extended to 2017," he said.
The latest estimate is 2020.
Read here.
The Padcal gold and copper mine in Benguet, the 50-year-old project that made Philex Mining Corp. into the No.1 local mining company, may be good for another 10 years, three years more than its revised estimated lifetime.
Pushing the lifetime of the mine will, however, require P700 million in new investments, which Philex does not see any problem in meeting.
"The cash flow can handle that. We have a robust cash balance," said Philex president Jose Ernesto Villaluna Jr.
Philex posted a net income of P3.95 billion for last year, up from P2.74 billion in 2009. Operating revenue was P13.4 billion, up 48 percent.
"Seven years ago, Padcal’s mine life was only until 2011, but it was extended until 2014 in 2007. This was further extended to 2017," he said.
The latest estimate is 2020.
Read here.
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