Philex eyes Indonesian gold mine

Philippines' biggest gold producer, Philex Mining Corp., is in talks to acquire gold mines in Indonesia as part of the company's plans to expand its mining business in Asia region.

Philex Chairman Manuel V. Pangilinan said that the potential Philippine gold acquisition is an operating firm while the target in Indonesia would be a much ?larger operation? that would ?operate very soon.?

?We want to become a major factor. If we can, we would like to [produce] a million ounces of gold to become a medium-sized player, not only in the Philippines but in other parts of Asia,? Pangilinan said as qouted by businessmirror.com.ph

Philex is also looking to reopen its Bulawan Mine in Negros Occidental, while exploration activities continue at its massive Silangan site in northern Mindanao.

?Once we finish Silangan and [complete acquisitions] in the Philippines and Indonesia, we will probably be two-thirds of the way in terms of 1 million ounces,? he added.(*)