Philex Mining Corporation (the company) was incorporated in the Philippines in 1955 to engage primarily in mining activities. The Company’s 81.1%-owned gold subsidiary is Philex Gold Inc. The Company has operated for 45 years the Sto. Tomas II copper-gold-silver deposit at Padcal, Tuba, province of Benguet. The Padcal mine is the first block cave operation in the Far East. Total ore mined to year-end 2002 was 278.9 million tonnes, with a metal production of 788.3 million kilograms (1.7 billion pounds) of copper in concentrate, and 141.9 million grams (4.6 million ounces) of gold and 157.6 million grams (5.0 million ounces) of silver in concentrate and bullion form. The Padcal mine is the only remaining copper-gold operation in the Philippines. Philex Gold operated the Bulawan mine in the province of Negros Occidental up to the second quarter of 2002. PADCAL OPERATIONS Mining Operations The tonnage mined for the year in review was 7,861,455 metric tones, 9.4% higher compared to last year on account of the improved performance of the cable belt conveyor and higher availability of the load-haul-dump (LHD) equipment. Concentrator Operations The mill treated 7,863,087 tones of ore, 8% higher than last year’s throughput, producing 79,213 tones of concentrate material containing 19.2 million kilograms copper, 3.9 million grams gold and 3.9 million grams silver. PHILEX GOLD PHILIPPINES, INC. Bulawan Operations The Bulawan operations was decommissioned on May 1, 2002. Production for the four months of 2002 was 14,734 equivalent ounces of gold from 211,316 tones of ore milled during the period. The Bulawan operations began commercial operation in January 1996 and over its lifetime produced a total of 465,766 equivalent ounces of gold. Boyongan Project The Boyongan project is a joint venture entered into in 1999 between Philex Gold and Anglo American Exploration (Philippines) BV, a wholly owned subsidiary of Anglo American plc, administered through a jointly-held company, Silangan Mindanao Mining Co., Inc. The project covers 25,184 hectares within the historic Surigao gold district. Anglo is directing the exploration program and by 2001 has earned a 40% interest in the project. In March 2002, Anglo purchased from Philex an additional 10% interest in the project, resulting in an equal 50% ownership for each. If Anglo brings the project through a bankable feasibility study at its sole expense, it will be entitled to an additional 30% interest, either directly or through a joint venture with a qualified entity, and will conduct the operations if the project proceeds to development. Significant Events Acquisitions In October 2008, the company has approved the acquisition of a 50% interest over the Boyongan copper-gold porphyry property from Anglo American Exploration (Philippines) BV. This acquisition would give the Philex group full control over the property together with Philex Gold Philippines Inc.
philex mining corp (PXMFF:OTC US)
27 Brixton Street
Pasig City, 1600
Phone: 63 2 631 1381
Fax: 63 2 633 3234www.philexmining.com.ph
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