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The Company was incorporated in the Philippines in 1955 and has been listed in the Philippine
Stock Exchange since November 23, 1956. PMC, PGPI (a wholly-owned subsidiary incorporated
in the Philippines) and Silangan Mindanao Exploration Co., Inc. (SMECI, a wholly-owned
subsidiary incorporated in the Philippines) and its subsidiary, SMMCI, are primarily engaged in
large-scale exploration, development and utilization of mineral resources.
PMC has been operating the Padcal Mine in Benguet for the past 59 years using the underground
block-cave method. It is one of the oldest operating mines in the country and provides PMC its
biggest source of revenue. In October 2015, an additional 20 million tonnes of ore reserves were
declared within the current ore body, which will extend the mine’s life by two (2) more years,
from 2020 to 2022.
In February 2016, the Company disclosed the results of ongoing exploration near the surface of
Bumolo Project, which area is within Mineral Production Sharing Agreement (MPSA) 156-
2000-CAR, with an estimated 21.7 million tonnes of inferred resources at 0.21% copper and 0.30
grams per tonne gold, at a cut-off of 0.312% CuEq. PGPI, on the other hand, operated the
Bulawan mine in Negros Occidental until the second quarter of 2002, which has remaining
resources of 23.9 million tonnes, including that of the Vista Alegre area. Exploration projects in
the Vista Alegre area include the Nagtalay and the Laburan/Skid 9 Projects, which have
completed the geological modelling and preliminary resource estimation.
SMECI, through SMMCI, owns the Silangan Project covering the Boyongan and Bayugo
deposits in Surigao. SMMCI completed the pre-feasibility study of Boyongan deposit in late
2014, and is currently finalizing the definitive or bankable feasibility study, which is expected to
be completed in 2017. The Boyongan copper-gold porphyry deposit in
Surigao del Norte was discovered in August 2000 under SMMCI, a joint venture with Anglo
American Exploration Plc (Anglo). On February 6, 2009, the Company acquired Anglo’s 50%
interest in the Silangan Project under SMMCI for a cash consideration of US$55 million, thereby
owning 100% of the Silangan Project. Adjacent to the Silangan
Project is the Kalayaan Project, the exploration of which is being undertaken by the Company by
virtue of a Farm-in Agreement with Kalayaan Gold & Copper Resources, Inc., a subsidiary of
Manila Mining Corporation.
On February 29, 2016, the Company’s Board of Directors approved a property dividend
consisting of shares of stock of PXP at the ratio of seventeen PXP shares for every one hundred
shares of PMC, which was approved by the Securities and Exchange Commission on June 22,
2016.
The transaction reduced PMC’s shareholdings in PXP, effective July 15, 2016, from 64.7% to
approximately 19.8%, allowing PMC to leverage on its key strengths and focus its resources on
its core business of metals mining, particularly with respect to the extension of Padcal’s life of
mine, commercial operations of the Silangan project and development of other Company mining
tenements.
CORE BUSINESS
Vision
Our vision is to be a highly respected, world-class natural-resource company committed to
deliver excellent value to its investors, employees, and other stakeholders.
Mission
We are a responsible mining corporation that discovers and processes minerals and energy
resources for the use of society.
CORE VALUES
Integrity
Teamwork
Work Excellence
Corporate Responsibility
Shows genuine concern toward its host and neighboring communities to improve quality
of life
Supports and practices the environment, safety, and health guidelines of Philex Mining
Actively participates in the company’s community development and environmental
programs
ORGANIZATIONAL CHART
COMPANY DETAILS
Philex Mining Corporation (“PMC” or the “Company”) and its subsidiaries are organized into two main
business groupings: the mining business, which is directly under PMC, Philex Gold Philippines, Inc.
(PGPI) and Silangan Mindanao Mining Co., Inc. (SMMCI), and the energy and hydrocarbon business
under PXP Energy Corporation (PXP), formerly Philex Petroleum Corporation, but not until July 15,
2016, when PXP and its subsidiaries ceased to be subsidiaries of PMC as a result of loss on control
through property dividend declaration. Thus, as of December 31, 2016, the Group’s mining business
remains as its only business segment.
DIRECTORS
Ms. Anita Bumpus Quitain has been a Non-Executive Director at Philex Mining Corporation since
February 28, 2017. Ms. Quitain is a Member of the Social Security Commission (SSC). She also performs
quasi-judicial work by evaluating the merit of cases and rendering decisions involving disputes in SS
coverage, benefits, contributions and all such other matters that fall within the exclusive power, authority
or jurisdiction of the Social Security Commission. Additionally, as an employee for thirty-one (31) years
of the Social Security System, her major achievement as such employee was when she took charge of the
operations of the then newly-opened SSS Representative Office in Digos City, Davao del Sur as Office-
in-Charge. She stayed there for five (5) years. She conducted seminars and coverage drives in Digos City,
especially in the rural areas aside from discharging management and leadership functions in the
Representative Office. She worked with the Department of Education as an Elementary Classroom
Teacher for ten (10) years. For one year, she worked as a Classroom Teacher in the Philippine Women's
College of Davao. After her stint as a classroom teacher, she worked with the Social Security System,
Region 09, Davao City from where she retired in July 2009 after thirty-one (31) years of dedicated
service. She was Head of Membership Section, Real Estate Section, Operations Accounting Section,
Member Assistance Center Section and Sickness, Maternity and Disability Section. She is Career Civil
Service Eligible. Ms. Quitain holds a B.S.E.Ed degree holder from the University of Mindanao in Davao
City and Bachelor of Science in Commerce, Major in Accounting two (2) years. She holds Masters in
Public Administration thirty-seven (37) units.
OFFICERS
HEAD OFFICE
PADCAL MINE
Philex Mining Corporation is the largest gold and copper producer in the Philippines,
having continuously operated the Sto. Tomas II deposit at Padcal, Tuba, Benguet, Philippines
since 1958. It operates in two business segments: the metals segment and the energy and
hydrocarbon segment. The company is primarily engaged in the exploration, development and
utilization of mineral resources. It also produces silver, petroleum and coal. Although mining
companies are said to be destroying the natural resources of the country, Philex Mining
Corporation was awarded for having the safest underground/block cave mining operation.
Philex may be a mining corporation, it did not stop doing its share in the environmental
conservation. It facilitated programs and activities that helped in the environment, safety and
health. It engages in tree planting activities, wherein various tree seedlings are being maintained
and protected throughout the year. Philex Mining Corporation also has a health care program in
the company’s Sto. Nino Hospital in Padcal, Tuba, Benguet which provided basic health services