Philex Mining eyes other projects

MANILA, Philippines - Philex Mining Corp. confirmed yesterday that it is exploring other projects, including a 37.5-percent stake in the $5.2-billion Tampakan copper-gold project of Sagitarrius Mines Inc.

In a disclosure to the Philippine Stock Exchange (PSE), Philex said part of its long-term strategy, is to look constantly for investment opportunities.

One such project, Philex confirmed is SMI’s Tampakan project.

Philex is reportedly interested in acquiring the 37.5-percent stake of Australian Indophil in SMI.

Xstrata, owned by Swiss Glencore, controls 62.5 percent of SMI.

China’s largest gold producer Zijin had made an offer to buy Indophil’s stake in SMI for $473 million.

But Zijin withdrew its offer after the South Cotabato provincial government passed a resolution banning open pit mining in the province.

Tampakan is potentially the fourth largest copper-gold project in the world.

Thus, the National Government is trying to convince the South Cotabato provincial government to rescind the open pit mining ban resolution.

The Mines and Geosciences Bureau of the Department of Environment and Natural Resources has also argued that the open pit mining ban is contrary to the Mining Law which specifically allows open pit mining. 

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