First Pacific eyes gold, coal assets in Indonesia

Philippines conglomerate First Pacific Co. Ltd. is looking to acquire gold and coal assets in Indonesia, managing director and chief executive officer Manuel V. Pangilinan said last week as quoted by Philippines media.

The move comes more than a year after First Pacific effectively gained control of Philex Mining Corp., the Philippines? biggest gold producer. If successful, it could also be First Pacific?s next major acquisition outside the Philippines.

First Pacific is controlled by Indonesian billionaire Anthony Salim.

?We are looking [at mining acquisitions] in Indonesia,? Pangilinan told reporters in a chance interview last week. He said his group is looking at ?both? coal and gold prospects, without providing additional details.(*)