Both foreign and local investors have shown interest in infusing funds to accelerate the development of Pangilinan-led Philex Mining Corp.’s Silangan mine project ahead of its commercial operations early next year.

Philex President and Chief Executive Officer (CEO) Eulalio Austin Jr. said the gold and copper mine is on track to begin operations by the first quarter of 2026.

Austin said the company has now reached the ore body within the mine, with stockpiling already underway in preparation for the processing.

He added that critical infrastructure, such as the tailing plant, is now ready to accept tailings or the waste material left over from mineral processing.

He also said that the company is currently finalizing the mechanical installation of the mine’s processing plant, which is scheduled to be completed by the end of December.

“First month of 2026, we start debugging the process plant already, in time for the first metal pour towards the end of first quarter,” Austin told reporters on the sidelines of the 2025 Mining Philippines International Conference and Exhibition.

Based on the project briefer for the Silangan mine, the plan is to start ore production at 2,000 tons annually for five years.

In the sixth year of production, the mining and processing rate will increase to 4,000 tons per day, and later to 8,000 tons per day by the ninth year.

The maximum capacity will be 12,000 tons per day, scheduled for the 12th year of operations.

Under a 12-year schedule, Austin said it would take around ₱1.2 billion for the Silangan mine project to go from 2,000 tons to 12,000 tons daily. He said this expansion would hinge on the mine’s revenues.

However, the official noted that the mine could reach full capacity much earlier if investors injected capital to expedite its development.

Without disclosing their identities, he said foreign and local investors have already signaled interest in Silangan, but no deal has been reached so far.

Under this potential agreement, Philex would maintain majority control in the mine, with future investors assuming a minority stake.

Earlier this year, Philex Chairman Manuel V. Pangilinan floated that the company had tapped a foreign investor for a minority share in the project.

Sought for an update, Austin said there is still formal agreement for the deal.

“It is a work in progress talking to investors, but it will not stop us from commissioning the project,” he said.

Beyond Silangan, Philex is already exploring future mine projects nationwide to capitalize on the upward trend in gold and copper prices.

The company is also set to conduct another exploration of its nickel project in Zambales, following initial results that showed poor ore output.