Philex’s new mine seen yielding $7B in sales

Philex Mining Corp. has estimated that it will generate almost $7 billion in sales of metallic minerals throughout the lifespan of its Silangan copper-gold project in Surigao del Norte.

The listed mining company said in a disclosure it could generate gross revenues of $6.91 billion from the Boyongan deposit alone of the mining development.

Philex Mining assumed a price of $3.20 per pound of copper and $1,342 per ounce of gold in coming up with financial assumptions.

Its recently concluded feasibility study revealed that the first phase of the Silangan project covering the Boyongan deposit has approximately 81 million tons of mineable reserves that are estimated to yield 2.81 mil…

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