PMEA Blog

Philex Mining Corp., a unit of First Pacific Co. Ltd. of Hong Kong, is looking at gold and copper ventures in Indonesia.

Philex chairman Manuel Pangilinan said the mining company planned to buy more mining assets after making two recent acquisitions.

Pangilinan said the company was looking at Indonesia as possible area of expansion for gold and copper.

Philex and Manila Mining in May agreed to explore and jointly develop the Kalayaan copper and gold project in Placer, Surigao del Norte. The project is covered by an exploration permit issued to Manila Mining’s unit, Kalayaan Copper Gold Resources Inc.

Philex bought 125,000 shares of Kalayaan Copper for $25 million, representing a 5-percent interest in the project. It will get an additional 55-percent interest in the Kalayaan project when it pays all pre-development expenses, including a final feasibility study.

Philex also bought a 5-percent interest in Lepanto Consolidated Mining Co. for P1.43 billion, giving it an indirect interest in the Far Southeast Gold Project in the northern province of Benguet, where Lepanto has a 40-percent stake.

As of result of its recent acquisitions, share price of Philex zoomed to a 52-week high of P28.95 per share.

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