PHILEX Mining Corp. is awaiting a permit to explore a potential nickel mining site in Pangasinan as part of its strategic goal to diversify its mineral extraction portfolio, the mining company’s president said.
“We have in Pangasinan. Hindi ko pa alam saan doon (I don’t know exactly where it is yet). We have an application there that [has been] sleeping for so long,” Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr. told reporters on the sidelines of a forum on Thursday when asked if the company was looking at other potential sites for nickel.
“We are still awaiting the exploration permit,” he added.
Last year, Philex Mining announced plans to expand its mining operations to include nickel ore extraction, aiming to meet the rising demand for the mineral driven by the global shift towards renewable energy.
The company previously announced that it was conducting exploratory studies at another potential nickel site in Zambales.
“Technical evaluation is still ongoing… We would like to complete the evaluation next year,” Mr. Austin said.
Nickel is a crucial mineral for the production of electric vehicle batteries and stainless steel. The Philippines is the world’s second-largest producer of nickel ore, following Indonesia.
Mr. Austin also said the company remains on track to commence commercial operations at its Silangan gold and copper mine by early 2025.
However, he noted that delays in the delivery of mining equipment have caused some setbacks.
“Most of our equipment is coming from Europe, Canada, and Australia. Manufacturing lead time is the one holding us back… It’s always on top of our mind to expedite the project as much as possible,” he said.
Philex Mining primarily engages in the large-scale exploration, development, and utilization of mineral resources. The company operates the Padcal gold and copper mine in Tuba, Benguet Province, and the Silangan Project in Surigao del Norte.
For the second quarter, its attributable net income declined to P214.72 million, 31.7% lower than the P314.56 million recorded in the same period last year, primarily due to lower production levels.
Revenues fell 9.3% to P2.24 billion from P2.05 billion in the same period last year.
Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.
On Thursday, shares in Philex Mining went up by 2.89% or nine centavos to close at P3.20 apiece. — Adrian H. Halili