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By Likha C. Cuevas-Miel Reporter
PHILEX Mining Corp. told the
Philippine Stock Exchange on
Wednesday that its profit last year surged as revenues climbed
higher.
Citing unaudited figures, the
country’s biggest gold and copper producer said its net income
jumped by 63 percent to P5 billion or P1.697 per share as operating
revenue rose 22.5 percent to P12.2 billion over the previous year.
In 2006, the firm earned P3.1 billion or P1.044 per share.
Last month, Philex completed its
second shipment of copper and gold to Japan containing 5,081 dry
metric tons of copper concentrates consisting of 2.8 million pounds
of copper and 8,787 ounces of gold worth an estimated P629 million.
The firm’s first shipment of copper and gold on December 15 had an
estimated value of P670 million.
Philex recently expanded its
portfolio to include energy-related businesses to ensure the
sustainability of its future operations in mineral and petro-energy
exploration. Last December, the firm disclosed that it bought 46
percent of FEC Resources Inc. through a private placement.
FEC Resources is a Canadian firm
that holds several oil and gas properties through its stake in Forum
Energy Plc. It is also the mining firm’s joint venture partner in
Lascogon Mining Corp., through Philex Gold Philippines Inc., where
the oil and gas firm holds a 40 percent equity.
Philex also invested an
additional $3 million in American oil exploration firm Pitkin
Petroleum Corp. through its wholly owned unit, Philex Petroleum
Corp., by buying 6 million shares or 6.4 percent of the company.
This brought Philex’s total investments to 36 percent of its
portfolio in oil projects.
Pitkin Petroleum is a Texas-based
junior exploration company that produces on a small-scale basis in
Louisiana but also has properties in Peru and Vietnam, where the
company would start drilling in 2009.
Prior to the additional
investment in the exploration firm, Philex already owned 4 million
shares or 4.4 percent of Pitkin Petroleum. This increased the
company’s combined shareholdings, on behalf of Philex Petroleum
Corp., to 10.7 percent.
Among Philex’s petroleum
interests in the Philippines include projects in northwest Palawan
and Sulu Sea. It is also pursuing pre-development activities in a
coal property in southern Zamboanga through its wholly-owned unit,
Brixton Energy and Mining Corp.
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