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The mining sector, according to Finance Secretary Benjamin Diokno, has the potential to contribute to long-term economic growth. He also stressed the importance of attracting investments for mine expansion.

“Given the high metal prices in the world today, the mining industry has the greatest potential to play a significant role in our economic recovery and long-term prosperity. He added Wednesday at the offering of Philex Mining Corporation’s (Philex) common shares in the Philippine Stock Exchange, “After all, the Philippines is one of the world’s most generously endowed countries in terms of mineral resources (PSE).

Philex is raising money to develop its underground copper-gold mine in Surigao del Norte, Silangan.

According to a report made to the PSE, the business plans to raise PHP2.652 billion in new stock by issuing up to 842 million common shares at a price of PHP3.15 per share, or one offer share for every 5.8674 shares already owned.

The SRO period, which ran from July 12, 2022, to July 25, 2022, was open for business.

Two phases of mining are planned for the Silangan project, one of the largest copper-gold mines in the nation. The 81 million metric tonnes of mineable ore reserves in the first phase will be extracted over the course of 22 years at a rate of 4 million tonnes annually.

The mine is expected to start making money in the first quarter of 2025.

According to Diokno, Philex’s SRO listing shows the mining industry’s faith in the nation’s bright prospects for economic growth.

He said that the offer would lead to the creation of more jobs, the revitalization of local economies, and more tax income for the government.

For the duration of the mine’s existence, the project is expected to earn about PHP8.5 billion in excise taxes alone, according to the Department of Finance (DOF).

According to Diokno, the listing sends a clear message to the mining sector that the nation’s capital markets are effective tools for accelerating the development of significant mining projects.

He expressed excitement for more listings like these in the future and reaffirmed the commitment of the Marcos government to keep the country’s mining industry flourishing.

“We understand that mining is a major magnet for investments that can catapult our economy into a greater growth trajectory, aside from promoting local development,” he continued.

According to Diokno, the government anticipates that the mining sector will carefully abide by ethical and sustainable mining standards.

He argued that the mining sector ought to balance environmental preservation, community development, and adherence to the socioeconomic policies of the state.

This is a prerequisite in order to ensure the longevity of the sector and the robust economic development of the host towns, he said.

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