The Philex Mines Independent Labor Union (PMILU) announced that it was voting yes to strike on the grounds of an alleged bargaining deadlock with Philex Mining Corporation (PX) as per a December 27 disclosure by PX.
PX, incorporated on July 19, 1955, has been operating the Padcal Mine in Benguet since 1958. The company also has projects in Silangan, Bulawan, and Sibutad which are located in Surigao del Norte, Negros Occidental, and Zamboanga del Norte respectively.
PMILU voted yes to strike after it rejected the “improved” Collective Bargaining Agreement offered by PX last December 23.
This news comes just after PX announced it would be spending USD224 million to begin development of its Silangan copper-gold mine by the second quarter of 2022. The mine, which is targeted to commence commercial operations by the first quarter of 2025, is expected to produce 2.8 million ounces of gold and 993 million pounds of copper over the course of its mine life.
PX nonetheless opened at PhP5.49 per share on December 28, 2021, up 9.58% from PhP5.01 per share just the day prior.