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Manila Bulletin devider Business devider The Stock Market devider Philex eyes turnaround as Silangan mine nears first metal pour

Philex eyes turnaround as Silangan mine nears first metal pour

Published Feb 24, 2026 06:04 pm
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.
Philex Mining Corp., the gold and copper producer led by tycoon Manuel V. Pangilinan, expects a turnaround this year as its long-awaited Silangan project prepares for its first metal pour, offsetting declining output from its aging flagship mine.
In a disclosure to the Philippine Stock Exchange, Eulalio B. Austin Jr., Philex president and chief executive officer, said the company is banking on the start of commercial operations at Silangan in the first quarter to capitalize on record-high gold prices.
“Much has already been invested in this project, and we are now seeing the proverbial light at the end of the tunnel,” Austin said.
The project, located in Surigao del Norte, represents Philex’s transition away from the Padcal mine in Benguet, which has faced persistent operational hurdles after decades of extraction.
While Silangan takes center stage, Austin said Philex remains focused on returning Padcal to normal production levels while aggressively pursuing exploration nearby to potentially extend the mine’s life.
Stronger commodity prices cushioned the company’s bottom line last year despite the drop in physical production.
Core net income rose to ₱1.07 billion in 2025, up from ₱746 million the previous year. Earnings before interest, taxes, depreciation, and amortization, or EBITDA, climbed to ₱2.52 billion from ₱1.98 billion in 2024.
Total operating revenues reached ₱8.85 billion, compared with ₱8.18 billion a year earlier, aided by a favorable foreign exchange environment in the fourth quarter.
The financial gains came even as Philex grappled with deteriorating ore grades and technical failures. Gold output tumbled 21 percent to 24,358 ounces in 2025, while copper production fell to 18.16 million pounds from 19.78 million pounds.
The company milled 6.77 million tons of ore, a slight decrease from the 6.81 million tons handled in 2024. By the end of the year, gold grades had slumped by 17 percent and copper by seven percent.
Philex is currently managing a phased recovery plan at Padcal to address a recent breakdown in the mill plant’s secondary crushing section. The company expects to stabilize the facility and increase tonnage by the second quarter of 2026, with further optimization scheduled for mid-year.
Manuel V. Pangilinan, Philex chairman, said that metal prices acted as a saving grace for the company last year. He noted that while uncertainties remain, the company is now in the final weeks of completing development of Silangan.

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Philex Mining Corporation Manuel V. Pangilinan Eulalio Austin Jr.
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