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There is one that is stalled seeking funds its a 2 mine project called Silangan they have now opted for a sub level caving operation 4.5 mt year its high grade copper gold they already have a 1.4 km decline and some 800 of drives but that ceased in 2015 as still trying to get funding.

“The equity search is still ongoing and a financial advisor through Morgan Stanley is helping us on this,” he said.Philex earlier said it needs to raise at least $350 million by the first half to be on track with the project. The $350 million will be raised as an equity and the balance of $400 million can be raised through loans.This, however, did not materialize as the search for partners has become more challenging.“We hope we could have the investors by the first half of 2021 and start the ball rolling,” Austin said.The additional 25-year term will begin on Dec. 29, 2024 subject to the same terms and conditions provided under the previous MPSA. It covers the Boyongan deposit and is part of the Silangan project.The first phase of the Boyongan deposit has an initial estimated mine life of 22 years. For the initial stage, Silangan is expected to yield high-grade mineable ore grades of 0.63 percent for copper and 1.20 grams per metric ton for gold.The Silangan mine is a large-scale high grade copper-gold development, with a number of greenfield and brownfield components, located in Surigao del Norte in. It is one of three big-ticket mining projects seen to propel the Philippines as a major regional copper producer.Silangan is seen giving the government some P4.5 billion in yearly revenues once operational.

“We will start lower, then on the second year, that is in 2023, it will be a full four million tonnes per year,” Austin added.Silangan will be Philex’s biggest source of revenue after the closure of its 61-year-old Padcal mine in northern Philippines possibly by 2022.The Silangan project, which will use the underground sub-level cave mining method, and not the open-pit mining method as initially planned, is expected to yield ore grades of 0.63% for copper and 1.20 grams per tonne for gold.