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Philex Mining Looks to Invest $5.2b in Philippino Gold Project

By Joel ScanlonSep 2 2010

Philex Mining Corp is looking to investment $5.2 billion in the Tampakan project in the Philippines. In a disclosure made by the COO and President Jose Ernesto C. Villaluna Jr to the Philippine Stock Exchange he mentioned that the company is constantly looking at all investment opportunities and projects that it can enter as part of the long term growth strategy of the company.

Philex Mining is controlled by Manuel Pangilinan. Jose Ernesto C. Villaluna Jr. also said that Tampakan is one such possibility that the company is considering along with other mining projects in the Philippines and abroad.

Tampakan is the largest untapped gold and copper deposit in Southeast Asia.

About two months ago a Chinese proposal to invest in Tampakan had fallen through. China’s Zijin Mining Group Co cancelled a $545 million purchase of Indophil’s stake in Tampakan in June when it failed to get approval from the Chinese Government.

Philex is hoping to buy the 37.5 % stake that Indophil Resources has in Tampakan. Gavan Collery of Indophil said that it is engaged in talks with a number of parties in relation to a potential corporate transaction but refused to confirm that Philex is one of the companies.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, February 18). Philex Mining Looks to Invest $5.2b in Philippino Gold Project. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=287.
MLA
Scanlon, Joel. "Philex Mining Looks to Invest $5.2b in Philippino Gold Project". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=287>.
Chicago
Scanlon, Joel. "Philex Mining Looks to Invest $5.2b in Philippino Gold Project". AZoMining. https://www.azomining.com/News.aspx?newsID=287. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. Philex Mining Looks to Invest $5.2b in Philippino Gold Project. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=287.