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| Philex Mining studies Tampakan, other investments |
| 03/Sep/2010 Intellasia | BusinessWeek-Bloomberg |
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| 3 Sep, 2010 - 8:42:44 AM |
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Philex Mining Corp., controlled by Manuel Pangilinan, is studying an investment into the $5.2 billion Tampakan project in the Philippines two months after a Chinese proposal was pulled. Philex rose to its highest in two months.
Philex is “constantly looking at all investment opportunities and projects that it may be able to enter into,” Philex President Jose Ernesto Villaluna said in a regulatory filing. “Tampakan is one such possibility that the company is considering together with other mining projects, not only in the Philippines but also abroad.”
Philex may be interested in buying Indophil Resources NL’s 37.5 percent stake in Tampakan, the largest untapped gold and copper deposit in Southeast Asia, the Philippine Daily Inquirer said August 30. China’s Zijin Mining Group Co. in June canceled a A$545 million ($494 million) purchase of Indophil after failing to win approval from the Chinese government.
Indophil is “engaged in talks with a range of parties in relation to a potential corporate transaction,” Gavan Collery, the corporate affairs manager of the Melbourne-based company, said in a phone interview. He declined to say whether Philex is among the companies it’s in talks with.
Indophil reversed a 2.2 percent decline to close unchanged at 90 Australian cents in Sydney trading. Philex rose 7 percent to 11.94 pesos, its highest close in two months.
Xstrata Plc is Indophil’s partner in Tampakan. The project was scheduled to produce an average of 340,000 metric tons of copper and 350,000 ounces of gold a year for two decades, Indophil said in April 2009, citing a study by Xstrata.
The project is in South Cotabato, a province in southern Philippines.
Pangilinan is the chairman of Philippine Long Distance Telephone Co., the nation’s biggest company by market value.
http://www.businessweek.com/news/2010-09-02/philex-mining-studies-tampakan-other-investments.html
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