Philex Mining Corporation (Philippines)

Philex Mining Corporation (PMC) is a mining company located in Pasig, Philippines. It was incorporated in 1955 and has been listed on the Philippine Stock Exchange since 1956. PMC, along with its subsidiaries Philex Gold Philippines, Inc. (PGPI) and Silangan Mindanao Mining Co., Inc. (SMMCI), is primarily engaged in large-scale exploration, development, and utilization of mineral resources. PMC operates the Padcal Mine in Benguet, which has been in operation for 59 years and is one of the oldest mines in the country. The mine uses the underground block-cave method and is PMC's main source of revenue. In 2015, additional ore reserves were declared, extending the mine's life by two more years. PGPI operated the Bulawan mine in Negros Occidental until 2002 and has remaining resources in the Vista Alegre area. SMMCI, through SMMCI, owns the Silangan Project in Surigao, which includes the Boyongan and Bayugo deposits. The pre-feasibility study for the Boyongan deposit was completed in 2014, and the definitive feasibility study is expected to be completed in 2017. In 2016, PMC reduced its shareholdings in PXP Energy Corporation (formerly Philex Petroleum Corporation) from 64.7% to approximately 19.8% through a property dividend. This allowed PMC to focus its resources on its core business of metals mining, including the extension of Padcal's life of mine and the development of other mining tenements.