Silangan Mindanao Mining Co., Inc., a wholly owned subsidiary of Philex Mining Corporation, one of the oldest and largest gold and copper producers in Southeast Asia, signed a Deed of Accession for additional US$70 million with Additional Lenders who syndicated the credit facility, in simple ceremonies in Makati City.
Present during the signing of the Deed of Accession were the executives of the Company, led by its Chairman Manuel V. Pangilinan and its President and CEO Eulalio B. Austin, Jr., other executives of Silangan Mindanao Mining Co. Inc. as well as executives of the Lenders, namely Philippine National Bank (PNB), Philippine Bank of Communications (PBCOM), and Security Bank Corporation, with SB Capital Investment Corporation as Mandated Lead Arranger, and PNB and PBCOM as Joint Lead Arrangers.
The signing of the agreement completes the total loan facility of US$170 million needed to bring the Silangan Project into commercial operation by the first quarter of 2025. Last year, the Company signed the Omnibus Loan and Security Agreement for a US$100 million syndicated debt facility with Lenders, namely Union Bank of the Philippines (UBP), Security Bank Corporation and Bank of the Philippine Islands, with BDO Capital and Investment Corporation as Mandated Lead Arranger and UBP as Co-Lead Arranger.
Development works continue in the Silangan Project with the ongoing underground decline development now midway to the Boyongan ore body. Initial works at the tailing storage facilities have started, while the tendering process for the various packages of the process plant is ongoing. Packages for some of the long lead items needed for the process plant have already been awarded to various global suppliers.
The Silangan Copper and Gold Project is touted as one of the Big Three mining projects in the country and is targeted to commence commercial operations by first quarter of 2025.
