Philex names new CEO

MANILA, Philippines - Listed miner Philex Mining Corp. has installed its president and chief operating officer Eulalio Austin Jr. as its new chief executive officer.

In a disclosure to the local bourse, the company said the board of directors reached the decision on April 3.

The company said Austin, an engineer by training, was nominated by company chairman  Manuel Pangilinan who was the former CEO.

“The separation of the positions of chairman and of the CEO is consistent with the company’s manual on corporate governance which provides that the positions of chairman and of CEO should, as practicable, be separate,” Philex senior vice president for finance Renato Migrino said in the filing.

Austin has been with the company since 1993.

Austin became president of the company in January 2012, after serving as its senior vice president for operations and resident manager of the firm’s copper-gold mine in Padcal, Benguet in 2011.

He was also vice president and Padcal mine resident manager for operations from 2004 to 2010, Padcal mine division manager from 1999 to 2003, engineering group manager in 1998 and mine engineering and draw control department manager from 1996 to 1998.

Austin also serves as a director of Philex Petroleum Corporation and is a director and president of the Silangan Mindanao Mining Co. Inc.

Austin will head the company at a time of recovery of its copper-gold mine in Padcal, Benguet which suffered a massive  tailings spill incident for which the company settled a P1-billion fine with the government.

The mine has temporarily resumed operations for rehabilitation purposes for the “beaching” of its compromised tailings pond no. 3 which entails the production of fresh tailings. 

During the temporary resumption of operations, Philex will not be allowed to sell its processed ore but will keep it in its stockpile.

It will be allowed to temporarily resume production in the mine until around June after which the Department of Environment and Natural Resources will determine if the mine is fit to resume regular operations.