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.
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.