Philex Petroleum Corp. on Monday said its subsidiary Brixton Energy and Mining Corporation was closing a coal mine operation in Mindanao, the second largest and southernmost island in the Philippines, as it turned out to be unprofitable.
In a disclosure to the Philippine Stock Exchange, Philex said it would shut down Zamboanga Sibugay mine due to high operating costs and low commodity prices.
The underground mining operations under Coal Operating Contract No. 130 had been suspended since Jan. 1 this year, the company added.
Philex Petroleum also said Renato N. Migriño was leaving the firm as Compliance Officer, which was part of his planned retirement from the company.
Image of Zamboanga Sibugay mine, courtesy of Philex Petroleum