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.