Philex Sees Sustained Operations at Padcal Mine Through 2026

Philex Mining Corp., one of the largest gold producers in the country, expects to sustain mining operations at its Padcal mine in Benguet through the rest of 2026. The company has completed rehabilitation works on the secondary and tertiary crushing plant at the mine, which it believes will help sustain operations for the remainder of the year.

The upgrade is expected to benefit from continued strength in gold and copper prices, with Philex reporting a net income of P392 million in the second quarter, more than double the P171 million recorded in the same period last year. The company's revenues rose by 30 percent to P2.423 billion during the three-month period.

The Padcal mine produced 1.56 million tons during the period, with gold output reaching 4,011 ounces and copper production at 3.39 million pounds. Philex also reported progress on its Silangan project, with its general contractor EEI Corp. making headway in various stages of turning over completed areas to its unit Silangan Mindanao Mining Co., Inc.