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Buried Treasure

Article - November 16, 2011
Philex Mining Corporation profits from a modern approach to the ancient business of digging for gold
In recent years the Philippine mining industry has achieved remarkable growth, as gold and copper prices have reached all-time highs. Correspondingly, large-scale mining companies have increased investment, production and tax payments to the Philippine Government – up by 296% to PhP1.8 billion (US $41.4 million) in 2010.

Philex Mining Corporation strives for excellence in mineral resource development while taking its social and environmental responsibilities seriously. It is committed to the continual improvement of its operations in order to minimize adverse environmental impacts, to comply with applicable legislation and other requirements, and to promote environmental awareness among its workers at all levels.

By adhering to the philosophy of doing business the right way, Philex earned US $89.7 million in 2010, the second highest income in its 53 years of operation. And it mined the highest annual ore tonnage since 1987 - 9.4 million tones in 2010, equivalent to an increase of 14 per cent on 2009.

Continued growth and expansion are on the agenda. Philex has a number of new projects in the pipeline, such as extending the mine life in Padcal and advancing the Silangan Project in Surigao del Norte. It is also looking to consolidate and further develop its coal operations, and oil and gas prospects. It plans to spin-off all the energy assets into a subsidiary company, Philex Petroleum, to be listed on the Philippine Stock Exchange.

Philex has also made strong commitments to the communities it works with. Its operations at the Padcal mine site have delivered around US$ 850,000 of value in health, education, livelihood and infrastructure projects, under the Social Development and Management Program (SDMP). In 2010 alone, Philex’s SDMP delivered better healthcare to 7,144 people, afforded quality education to 611 students, and improved 2,300 meters of roads. And on top of this, Philex is helping to support developing communities’ survival long after any given mine ceases operation.