Philex Mining Corporation was incorporated in the Philippines in 1955 and listed in the Philippine Stock Exchange on November 23, 1956. The company is engaged in exploration, development and utilization of mineral resources in the Philippines with two business segments: mining, and energy and hydrocarbon.

Philex primarily operates the Padcal Mine, the first underground block cave operation in the Far East and operating since 1958, producing copper, gold and silver concentrates. The company and its subsidiaries, including Philex Gold Philippines, Inc. and Silangan Mindanao Exploration Co., Inc., are primarily engaged in large-scale exploration, development and utilization of mineral resources.

The Silangan Copper and Gold Project, located in Surigao del Norte, consists of three deposits: Boyongan, Bayugo-Silangan and Bayugo-Kalayaan. Philex secured a $100 million syndicated debt facility with various lenders in 2023 for the Silangan mine project. Development works are ongoing for the Silangan copper and gold mine, with initial works at the tailing storage facilities started and the tendering process for the various packages of the process plant ongoing, including packages for long lead items that have already been awarded to various global suppliers.

Philex’s principal investor is First Pacific Company Limited, a Hong Kong-based investment management and holding company with operations located in Asia and principal business interests in telecommunications, infrastructure, consumer food products and natural resources. Together with its subsidiaries, the company engages in the exploration, development, and utilization of mineral resources in the Philippines, primarily exploring for gold, copper, and silver deposits.