Under the Presidential Memorandum dated April 9, 2003, the PMDC is primarily tasked to conduct and carry on the business of exploring, developing, mining, smelting, and producing, transporting, storing, distributing, exchanging, selling, disposing, importing, exporting, trading and promotion of gold, silver, copper, iron, and all kinds of mineral deposits and substances.

The PMDC has also been specifically tasked by the Philippine government to implement the program of putting up a world class mine in Diwalwal, municipality of Monkayo, Compostela Valley province. The company was created for the purpose of, among others, addressing the environmental, health, social and economic well being of the occupants of the area, and to rationalize the mining and mineral processing operations in the reservation for greater efficiency, and to provide for adequate environmental protection and mine rehabilitation measures.

While the original mandate focused on resolving conflicts in Diwalwal, the PMDC is also responding to the challenges of revitalizing the Philippine mining industry. The company does not intend to compete with privately-owned mining projects, but rather hopes to position itself as the catalyst for developing mining projects in areas where private investors find difficult to come in.