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PHILEX Mining Corp. will buy out partner Anglo
American Plc. in a gold and copper venture, the listed mining firm
announced in a statement Thursday.
The country’s valuable mining
company and subsidiary Philex Gold Inc. will take full control of
the Boyongan gold and copper mine after the full purchase of Anglo
American’s 50-percent stake worth for $55 million in the
venture.
Philex said production at the
Boyongan mine can start by 2012.
“With its attractive and proven
copper gold reserves, Philex can aggressively proceed with the final
feasibility study,” Walter Brown, company chairman and chief
executive, said.
Philex had said it would jack up
its mining exploration budget as it would continue to search for
additional tenements that would yield copper and gold ores as well
as pure gold.
Brown said the company has
earmarked P625 million for exploration, a five-fold increase over
last year’s budget.
Philex partnered with Anglo
American Exploration (Philippines) B.V., a wholly owned subsidiary
of Anglo American Plc., to explore the former’s 25,184-hectare
Boyongan copper mine in Surigao. The project may cost P1 billion.
--Chino S. Leyco
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