First Pacific Co. Ltd is looking at acquiring three new mining projects, as it aims to become a global medium-sized gold producer with one million ounces of gold output annually.
First Pacific managing director and chief executive officer Manuel V. Pangilinan said two are existing mines in the Philippines, while the third is a new one in Indonesia.
Pangilinan said of the 2 operating mines the group would like to invest in, one was a gold mine producing 200,000 metric tonnes of ore each year. The prospective acquisition in Indonesia is much larger.
The Philippines was one of the most mineralised countries in the world, but Pangilinan said there was very little contribution to gross domestic product at only 1 percent. He said the potential for mining was very big in the Philippines.
When First Pacific first invested in Philex in 2007, Pangilinan said the company saw the potential for the country to be a mining hub.
“So we want to become a major factor. If we can, we’d like to have one million ounces of gold to produce a year and become a medium-sized producer,” he said.
Philex will start commercial operations of the Silangan mine by 2016. With the operations, Pangilinan said First Pacific would be likely on its way to hit its target of one million gold ounces in global output target.