Reuters

 Philippines’ copper and gold producer Philex Mining Corp said on Thursday it is seeking possible strategic partners for a long-delayed $1.1 billion mine project in the south of the country that it hopes to fully develop by 2022.

The Silangan project, originally slated to begin production by 2018, was hit by a ban on new open-pit mining introduced in 2017 as the government in one of the world’s top copper, gold and nickel producers stepped up environmental protection.

Philex, which has a market capitalization of about $330 million, didn’t identify potential partners by name but said it is looking at 60% to 40% equity-sharing arrangement.

The mine is scheduled to be Philex’s biggest source of revenue after the closure of its 61-year-old Padcal mine in the north.

Located in Surigao del Norte province in Mindanao, Silangan is a large-scale project composed of three ore prospects, Boyongan, Bayugo and Kalayaan. Based on latest estimates by Philex, it has 571 million tonnes of mineral resources, up 43% compared to the previously declared levels of 398 million tonnes.

Philex said on Thursday it would earmark around $750 million for the development of the Boyongan ore body, and has appointed J.P. Morgan for equity investment and Japan’s Mizuho Financial Group Inc for project financing.