Manila Mining Corp. said Monday it was in talks with Philex Mining Corp. over the sale of a portion of its stake in the Kalayaan copper-gold project.
“Manila Mining and Philex are in continuing discussions regarding the Kalayaan project,” it told the Philippine Stock Exchange in reaction to a Philippine Daily Inquirer report.
The report said Philex wants to buy 60 percent of the Kalayaan mine, which is adjacent to its Boyongan mine in Agusan and Surigao.
Philex said last week its record financial results would allow it to acquire new properties.
Philex net income rose 44 percent to P3.95 billion in 2010 from P2.74 billion in the previous year, owing to higher metal prices.
Its operating revenue hit a record high of P13.4 billion.