Written by James Konstantin Galvez Published on 11 January 2013
Brixton Energy and Mining Corp. (BEMC), a wholly-owned subsidiary of Philex Petroleum Corp., said that maintenance work will continue at its coal mine in Zamboanga Sibugay for the six months and that a detailed review of the mine’s viability is being undertaken.
In a statement, Brixton said that mine activities are currently limited to maintenance and repair, as well as processing and marketing of the existing coal inventory. The review of the mine’s viability will include the evaluation of possible options to address current technical and commercial issues, and to prepare the coal production work program and budget for the next five contract years, the company added.
BEMC has disclosed that it has suspended its underground coal mining operations in Zamboanga Sibugay because of significant drop in coal prices. The company contributed P34.07 million or 22 percent to Philex Petroleum’s revenue of P154.37 million for January to September 2012.
The Sibugay coal project is covered by Coal Operating Contract No. 130 awarded by the Department of Energy in 2008.
The contract area for development and production covers two coal blocks in Barangays Butong and Sta. Cruz in Diplahan and Barangay Del Monte in Buug, both in the province of Zamboanga Sibugay. source
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