The Manila Times

Philex eyeing Macawiwili stake

BY EIREENE JAIREE GOMEZ

PHILEX Mining Corp. is considering the purchase of a stake in Macawiwili Gold Mining and Development Co. Inc. (MGMDCI) as part of its expansion efforts.

Philex said it recently signed a term sheet with MGMDCI outlining clear intentions to explore commercial, financial and technical avenues in preparation for the possible share acquisition.

“Activities to kick off this partnership will include conduct of due diligence and scout drilling activities on the property of MGMDCI covered by mineral production sharing agreement in Itogon, Benguet province, located adjacent to the existing Padcal mine of the company,” Philex said.

MGMDCI is a 90-year-old company engaged in mineral exploration and production in Itogon, Benguet. With over 800 hectares of contract area under its mineral production sharing agreement, MGMDCI has been exploring various mineral deposits, including gold and copper, for several decades.

Signatories to the term sheet were Philex Chairman Manuel Pangilinan; Philex President and Chief Executive Officer Eulalio Austin Jr.; and Michael Escaler, Jose Ma. Lopez and Felicisimo Feria as representatives of MGMDCI shareholders. The signing was also witnessed by directors and officers of the company as well as counsels for both parties.

“Our interest to pursue investments in the Macawiwili property is part of our business direction for this year to broaden interest in ‘green metals’ through mergers and acquisitions,” Austin said.

Pangilinan noted that the latest development would be a “good” extension to Philex’s Padcal mine. “I hope that this is the start of something good and that it will ride the wave of higher metal prices in gold and copper.”

He also emphasized that “any addition, expansion or extension to the Padcal mine would greatly benefit not just our employees and their families, but also our host and neighboring communities, and our nation as a whole.”

Corporate News

en-ph

2023-01-24T08:00:00.0000000Z

2023-01-24T08:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281947431975789

The Manila Times