The Silangan copper and gold mine could be Philex's biggest source of revenue after its 61-year-old Padcal mine in the north is expected to close in 2022.
The operation is expected to be the third-largest copper mine in the U.S., employing about 500 people and accounting for approximately 10% of the country’s total copper production.
Strong export prices are providing healthy cash flows for now. But with U.S. utilities largely shifting to cheap natural gas and clean renewables, there’s not much reason to dig new mines or scoop up acquisitions.
The company has secured a second five-year exploration licence in the Erzgebirge (meaning Ore Mountain) region of Saxony, which completely encloses its Zinnwald project.
The Montana, U.S.-based Sunlight mine has been approaching the end of its operational life in recent years and its remaining gold reserves are nearly depleted.