After a board meeting with its top executives, Philex Mining Corp. announced in their annual stockholder’s meeting that they are heeding the incoming administration’s call to adopt international mining standards. Manuel V. Pangilinan, chairman of Philex, said that they will be looking at Canadian and Australian mining practices to determine which standards would suit their operations best. He said some aspects of their operations will follow Canadian standards while others will follow Australian standards.
Pangilinan, who is also the incumbent chairman of PLDT Inc. and TV5 Network Inc, said that the company expects to incur additional costs when it adopts international standards but expects it to be defrayed by their core income which they expect to be higher than last year. Last 2015, Philex’s net income was at P776 million which was a 10 percent increase from 2014’s P703 million.
