Philex keen on Myanmar, Indonesia

MANILA, Philippines - The country’s largest miner Philex Mining Corp. is keen on investing in Myanmar with talks already ongoing to explore opportunities there as part of its expansion plans, a company official said.

Michael Toledo, Philex senior vice president for corporate affairs told reporters yesterday that some of the mining firm’s senior officials have visited that country to look for business opportunities there.

“Senior officials have gone there because we’re open [for opportunities],” he said.

He declined to name the firms or entities Philex is talking to, but cited that the discussions are mostly on opportunities available for the mining firm there.

“They’re (senior officials) talking to people there at least to find out what’s available and how do we go about it, what are the industries with respect to Philex, what are the opportunities and possibly what are the legal requirements, what do we need, who do we need to talk to, just like in any investments,” he said.

He said there is no specific timeline for the investment yet, but that the miner is very open to bringing its business to Burma, a country rich in mineral and natural resources.

Among Myanmar’s natural resources are natural gas, timber, tin, antimony, zinc, copper, tungsten, lead, coal, limestone, precious stones, hydropower, marine products, and petroleum.

Apart from Myanmar’s natural resources, Toledo said that the country still lacks infrastructure like network communication cellular sites and mining equipment, which are seen as opportunities for business.

He said that the Pangilinan group is also interested in making investments other than mining there, given the available opportunities.

Myanmar, he said, is seen as a possible investment destination by many businesses in the world at the moment as its government is trying to lure investors there by offering incentives.

The Myanmar government is reportedly drawing up a law that will offer tax exemptions for eight years to foreign investors.

Toledo said that as Myanmar is opening up to the world, any firm would be interested in making investments there.

“What we want to do is just to look at the possibilities. We don’t want to be left behind. Any smart businessman would look at possibilities and opportunities,” he said.

Philex, he also said, is looking at opportunities in Indonesia and at acquiring mines within the country as part of its expansion plans.

“Part of the expansion plan is to expand not only in the Philippines, but also outside of the country. The mandate is to expand,” he said.

As for the government’s proposed mining policy, he said that Philex is willing to support the government so long as the rules are clear and consistent.

He said Philex understands the need for government to get more revenues from mining in order to build more schools and provide healthcare, but noted that the government must also allow miners to recover their investments.