Wellex cleared to go into mining and oil exploration

The Securities and Exchange Commission has approved a change in the operations of Wellex Industries from a holding company engaged in manufacturing into a mining and oil exploration firm.

Wellex Industries is a listed company owned by businessman William Gatchalian.

Wellex will now engage in projects in the mining and oil sector with property development as its secondary purpose.

The company early this year announced plans to shift focus to mining following the recent surge in mineral prices in the world market.

Wellex president Weslie Gatchalian earlier said the company was currently looking at the Caraga region, which comprises Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur, for its mining venture and Mindoro and Palawan islands for oil exploration.

The company is mainly interested in the production of nickel, chromite, gold and copper. Prices of these metals have risen sharply because of strong demand from China.

Wellex is looking at acquiring mine sites covered by exploration permits and a mineral production sharing agreement with the government.

Wellex is also interested in forming a joint venture with local and foreign companies.

Wellex was originally incorporated on Oct. 19, 1956 as Republic Resources and Development Corp. to engage in the business of mining and oil exploration.

But due to difficulties experienced by the oil and mining industries, the company invited The Wellex Group Inc. in 1994.

The company subsequently transformed itself into a holding company for manufacturing concerns and changed its name to Wellex Industries Inc. on Sept. 18, 1997.

The company’s two subsidiaries, Plastic City Industrial Corp. and Philfoods Asia Inc., have temporarily ceased their manufacturing and commercial operations due to continued losses.

Plastic Property’s 30-hectare property in Valenzuela City is now site of the company’s warehousing operations. (Manila Standard)

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