Philex Mining is planning to invest $1bn in the development of the Silangan project in Surigao del Norte, the Philippines.

The Silangan project covers the Boyongan and Bayugo properties, and is managed and operated by Philex Mining’s subsidiary Silangan Mining.

According to the mineral resource estimate completed by SRK, the Silangan project has reserves of nine billion pounds of copper and 5Moz of gold.

Philex Mining vice-president Denis Lucindo said that fundraising for the project will take place next year, and is expected to account for 60-70% of the capital expenditures of the project.

The firm will fund the remaining expenditures of the project through internally generated cash, reports Malaya Business Insight.