Bloomberg News

Philex Seeks to Boost Gold Output to 1 Million Ounces

October 03, 2011

(Corrects combined annual output figure for Silangan and Bulawan mines in second paragraph.)

Oct. 3 (Bloomberg) -- Philex Mining Corp. is scouting for projects to boost its gold production to one million ounces annually in the next three to five years, Vice President for Business Development Denis Ricardo Lucindo told reporters in Manila today.

Philex’s Padcal mine is producing about 130,000 ounces a year, while the Silangan and Bulawan mines may have a combined annual output of 300,000 ounces annually, Lucindo said.

“We’re looking at 570,000 ounces” more, Lucindo said.

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net


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