[From the web] Philex defers mine acquisitions after Padcal closure -RAPPLER.com

Philex defers mine acquisitions after Padcal closure.

August 9, 2012

MANILA, Philippines – Philex Mining Corp, the country’s biggest copper-gold producer, is postponing plans to acquire more mine projects following the closure of its Padcal mine in Benguet due to a waste spillage.

Philex chairman Manuel V. Pangilinan told reporters the company was supposed to acquire an operating mine “quite soon,” but decided to defer it.

“I think for the moment it is best to delay that until we have the opportunity to look at the situation in Padcal. I think once we have a clear plan on how to rehabilitate Padcal, that’s when [we will acquire],” he said on the sidelines of the financial briefing of Philex affiliate Metro Pacific Investments Corp.

Pangilinan declined to identify the site they were supposed to invest in.

Previously, he said Philex was eyeing to acquire 3 new mining projects — two in the Philippines and one in Indonesia.

Read full article @ www.rappler.com

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