Mining Intelligence and News
Philippines

Co-O Mine

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Co-O Mine

Location: 23 km S from San Francisco, Philippines

Regional Office:

Bayugan 3
Rosario, Agusan del Sur
Philippines

Contacts:

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Categories

Overview

Mine TypeUnderground
StatusActive
Commodities
  • Gold
Mining Method
  • Shrinkage stoping
  • Room-and-pillar
Production Start... Lock
Mine Life... Lock
SnapshotThe Co-O project is an operating gold mine with all of the appropriate regulatory permits to allow underground mining, haulage and processing of ore material, and storage of tailings.

In mid-June 2023, the Company’s Board of Directors resigned, and a new Board was established on 19 June 2023.

The newly appointed Board commissioned a detailed financial analysis of the X64 Group’s business and identified that prior to its appointment, circumstances arose involving a dispute concerning the alleged transfer of ownership of a 60% interest in X64’s subsidiary Philsaga Mining Corporation (“PMC”). Whilst this dispute continued, X64 has no guarantee of continued income from PMC to support its operations.

Whilst the Administrators are conducting their assessment of the Company’s operations, the Company’s business will continue to operate under the control of the Administrators.

Owners

SourceSource
CompanyInterestOwnership
Ten Sixty Four Ltd. 100 % Indirect
Philsaga Mining Corp. (operator) 100 % Direct
The Co-O is operated by subsidiary Philsaga Mining Corporation PMC), a Philippine registered corporation.

The newly appointed Board identified that, prior to its appointment, circumstances arose involving uncertainty concerning the control of the Co-O mine, and disputes regarding the alleged transfer of ownership of a 60% interest in X64’s subsidiary Philsaga Management and Holding Inc (“PMHI”) which holds 100% of Philsaga Mining Corporation (“PMC”) the operator of the Co-O Mine located in Central Eastern Mindanao in the Republic of the Philippines.

Contractors

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SourceSource

Deposit type

  • Epithermal
  • Vein / narrow vein

Summary:

The Co-O deposit is an intermediate sulphidation, epithermal gold (+Ag ±Cu±Pb±Zn) vein system. The deposit is located in the Eastern Mindanao volcano-plutonic belt of the Philippines. The overall Co-O project area comprises numerous anastomosing veins generally orientated east-west with steep and flat dipping inter-connected veins within a 0.5km x 2.0km area. Mineralisation extends from surface to approximately 850m below surface. The depth limit to mineralisation is not yet defined, with current limits being a function of geological plunge and lack of drilling.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnits202320222021202020192018201720162015
Gold oz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe103,30795,70580,743108,57898,359
All production numbers are expressed as metal in doré.

Operational metrics

Metrics20222021202020192018201720162015
Ore tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe606,675 wmt550,400 wmt564,965 wmt623,659 wmt659,495 wmt
Tonnes milled  ....  Subscribe  ....  Subscribe  ....  Subscribe544,601 dmt494,989 dmt499,733 dmt561,192 dmt582,311 dmt
Daily milling capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe

Production Costs

CommodityUnits202220212020201920182017
Total cash costs Gold USD  ....  Subscribe  ....  Subscribe 546 / oz   562 / oz   595 / oz  
All-in sustaining costs (AISC) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 1,045 / oz   1,083 / oz   1,374 / oz  

Financials

Units202220212020201920182017
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 129.6   124.6   100.1  
Gross profit M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 53.9   41.3   32.9  
Pre-tax Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe -49.1  
After-tax Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 36.5   -55.6   -56.7  
EBITDA M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 51.4   -25.3   -29.8  
Operating Cash Flow M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 49.2   44.6   51.3  

Heavy Mobile Equipment

Fleet data has not been reported.

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2023
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2023
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2023

EmployeesYear
...... Subscription required 2022
...... Subscription required 2021
...... Subscription required 2020
...... Subscription required 2019
...... Subscription required 2018
...... Subscription required 2017
...... Subscription required 2016
...... Subscription required 2015

Aerial view:

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