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LGUs welcome Philex mining project

THE province of Surigao del Norte welcomes the start of development of the $224-million Silangan copper-gold mine project of Philex Mining Corp., which is one of the biggest investments in Mindanao.

Philex's wholly owned unit, Silangan Mindanao Mining Co. Inc. (SMMCI), will begin development of the copper and gold mine in the second quarter of 2022 and expects it to begin commercial operation in early 2025. Throughout its 28-year mine life, Philex estimates that total investments reaching $1.7 billion, with $1.5 billion coming from funds to be generated by Silangan mine.