Philex Mining Corporation’s latest Sustainability Report highlights additional ore reserves and resources for the Padcal Copper-Gold Project in the Philippines, which extend mine life by two more years. The Padcal mine in Benguet produces copper concentrates containing copper, gold, and silver.
“One of the company’s significant operational milestones in 2015 was the declaring of additional resources and reserves for Padcal mine and the discovery of initial resources in the surrounding area,” said Philex president and CEO Eulalio B Austin Jr.
In October 2015, Philex Mining announced that it found an additional 111 million tonnes at the 800-600 metre level with the additional reserves extending mine life by two more years to 2022.
He said, “In addition, an initial inferred resource estimate of 21.7 million tonnes was identified at the Bumolo project that increases the possibility of another mine life extension for Padcal.” However, he qualified this by noting that the initial results still had to be studied.
“Exploration for further resources in the Padcal mine vicinity is being relentlessly pursued to identify new ore bodies,” he added.
The recently released report is the company’s second Sustainability Report following the first one released in 2014.
“The 2015 Sustainability Report showcased how we constantly strive to make improvements in advancing Philex Mining Corporation as a responsible industrial producer,” said Eulalio Austin.
“The material and information helps us assess and understand better opportunities and risks that may impact both our operations and stakeholders, thereby enabling us to plan better and arrive at a more informed decision-making process,” said Philex Mining's vice-president for Environment and Community Relations Victor A Francisco.
The report was prepared in accordance with the Global Reporting Initiative level G4 in Sustainability Reporting Guidelines, which encourage companies to transparently report on practices and performance that relate to sustainability.
The 2015 report covers the miner’s operations on environmental performance focusing on rehabilitation and reforestation, water management, waste management and pollution control; and social performance covering employees and the local communities.