Philex names new resident manager for Padcal

MANILA, Philippines - Listed Philex Mining Corporation has appointed a new resident manager for its only operating mine in the country.

In a regulatory filing, the company announced that industry veteran Manuel A. Agcaoili has been appointed as senior vice president and resident manager of the Padcal copper-gold mine in Benguet.

He replaces Libby Ricafort who has retired.

Agcaoili holds a Bachelor of Science degree in Metallurgical Engineering from the University of the Philippines, graduating in 1980, and has a Masters in Business Administration from the Ateneo de Manila Graduate School of Business as of 2002.

He served as director and president of MBMI Resources Phils. Inc. and Senior Philippine representative of MBMI Resources, Inc. based in Vancouver.

He was also a director and president of Narra Nickel Mining and Development Corporation, Tesoro Mining and Development Corporation, and McArthur Mining, Inc.

Agcaoili also served as a director and president of Rapu-Rapu Processing Inc. and a director of Lafayette Philippines, Inc.

He was previously connected with the Philippine Associated Smelting and Refining Corporation (PASAR).

Philex Mining has been operating the Padcal mine for 55 years, producing copper concentrate.

Philex is operating its copper-gold mine in Padcal, Benguet on a probationary capacity as it undertakes mine rehabilitation after the massive tailings spill that occurred in the mine in August 2012.

In the first nine months of the year, the Padcal mine in Benguet was among the top five producing mines in the country, generating P7.52 billion from metal sales.