Philex, Meralco eye power project in Surigao del Norte
MANILA, Philippines – Gold producer Philex Mining Corp. and power distributor Manila Electric Co. (Meralco) are mulling putting up an 80-megawatt coal-fired power plant in Surigao del Norte.
Manuel V. Pangilinan, who heads both companies, said Philex approached Meralco for a possible partnership.
“They've approached Meralco to see if they're interested,” said Pangilinan.
“That is related to the development of the mining project of Philex 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 added.
Philex's Silangan project in Surigao del Norte involves the development of the Boyongan and Bayugo gold, copper and silver deposits. The project is expected to commence commercial operations in 2017.
“Philex continues to invest about P10 billon each year for the development of the mine,” Pangilinan said.
If the coal plant project pushes through, Pangilinan said it may cost up to $2 million per megawatt.
Meralco has a power generation subsidiary that eyes to put up power projects in Mindanao. – Rappler.com