Manuel Pangilinan-led Philex Mining Corp. is looking to enter into partnerships for its Silangan gold-copper project in Surigao de Norte.

Philex president Eulalio Austin Jr. said the company may start looking for potential partners for the Silangan mine , which is estimated to contain five billion pounds of copper and nine ounces of gold through its 398 million metric tons of ore reserve.

According to Austin, the firm is expected to complete the feasibility study for the Silangan mine by the first quarter of 2017.

? A number have already expressed their interest but I think it?s too early. We still don?t have anything to show to them,? Austin said.

Development cost for the project is estimated at $1 billion to $1.2 billion.

Philex hopes to start operating the mine between 2019 and 2020.