(The Philippine Star) | Updated June 26, 2013 - 12:00am
MANILA, Philippines - Philex Mining Corp. and Manila Electric Co. (Meralco) are in talks for the possibility of putting up an 80-megawatt coal-fired power plant in Surigao del Norte said Manuel V. Pangilinan, who chairs both companies.
“I think they’ve (Philex) approached Meralco to see if they’re interested,” he said.
Pangilinan said the project is related to the mining firm’s operations in the province.
“That is related to the development of the mining project in Surigao del Norte so for the mine to proceed and see light of day in terms of commercial operations, we need up to 80 MW,” he said.
The target for the commercial operation of the mine is 2017, Pangilinan said, although he declined to provide specific investment figures.
“We’re investing. Philex continues to invest about P10 billion each year for the development of the mine,” Pangilinan said.
Meralco PowerGen, Meralco’s power generation subsidiary, and Global Business Power Corp. of the Metrobank Group have signed an agreement early this year for potential power projects in Mindanao.
The Surigao del Norte mine involves the Silangan project, located at the northern part of the Philippines’ second-largest island of Mindanao and combines the development of the Boyongan and Bayugo deposits, which are comprised of gold, copper and silver.
In Februrary 2009, Philex consolidated its interest in the Silangan project by purchasing the remaining 50 percent equity held by Anglo American Exploration BV and Anglo American Exploration (Philippines) Inc. for $55 million, the company said.
The project is covered by Mineral Production Sharing Agreement (MPSA) 149-99-XIII and Exploration Permit (EP) XII-03.
The exploration’s objectives include the formal declaration of mineral resource compliant with the Philippine Mineral Resource Code, the development of the exploration decline aimed at reaching the deposits at depth needed for further assessment, and the initiation of engineering studies and development infrastructure in support of the feasibility study. source
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