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Philex takes over Anglo stake for $55m

Philex Mining Corp. yesterday said it acquired the 50-percent stake of Anglo American Exploration (Philippines) BV in the Boyongan copper-gold mine in Surigao del Norte for $55 million.

Philex vice president for finance Renato Migriño said in a disclosure to the stock exchange that the acquisition gave the company full control over the property. Philex Gold Philippines Inc., an 81-percent owned unit, owns the other 50 percent interest in the mine.

He said the acquisition, approved by company’s board yesterday, involved the sale of the shares owned by Anglo American in joint venture companies, Silangan Mindanao Mining Co. Inc. and Silangan Mindanao Exploration Co. Inc., to Philex Mining.

Anglo American is a wholly-owned subsidiary of UK-based Anglo American Plc.

The assets include four mining tenements and a mineral production sharing agreement over five parcels, including the Boyongan deposit in Surigao del Norte.

Philex Gold and Anglo discovered the Boyongan deposit in 2000 in a 25,184-hectare area.

Anglo provided all the funds for exploration, earning its 50-percent interest in the process, and completed 97,360 meters of diamond drilling in 193 holes.

It also completed the pre-feasibility study of the Boyongan deposit in December 2007 and discovered other mineralized centers.

“Anglo subsequently offered its rights over the property to Philex for $55 million, subject to the execution of the necessary agreements for the transaction. This now paves the way for the continued development of Boyongan and the adjacent areas expeditiously and for the best interest of the company,” said Migriño. (manilastandardtoday)

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