Monday, March 29, 2010

Philex Mining looking for gold and copper

Philippines-based Philex Mining Corp is exploring international mining acquisitions while bidding for a mine at the Mt. Diwalwal gold-rush area in Mindanao, Philippines. “We are taking a look at Mt. Diwalwal [but] that is not the only mining tenement [that we are interested in.] We are looking at other mining opportunities here and abroad,” Philex Mining Chairman Manuel V. Pangilinan told BusinessWorld Online,

He said the group was particularly interested in metal-rich Indonesia, the world’s second-largest producer of tin and the third-largest copper producer. “[But we are just interested] in purely gold and copper because these are precious metals that we are focusing on. Even in other countries, [we are looking] more on gold and copper,” he said.

Philex Mining plans to conduct due diligence on the 8,100 ha Diwalwal mining area, notifying the bourse last week that it might submit a proposal to state-owned Philippine Mining Development Corp should the result of the study turn out to be favourable.

Philex Mining is the Philippines'largest mining company whose mining tenements include the gold-copper Padcal mine in Benguet province and the 5,184 ha Silangan gold and copper project in Surigao del Norte.

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