Pangilinan-led Philex Mining Corp. inked an agreement to explore avenues in preparation for a possible acquisition of shares in Macawiwili Gold Mining and Development Co. Inc. (MGMDCI) which operates an 800-hectare contract area in Itogon, Benguet.
Pangilinan-led Philex Mining Corp. inked an agreement to explore avenues in preparation for a possible acquisition of shares in Macawiwili Gold Mining and Development Co. Inc. which operates an 800-hectare contract area in Itogon, Benguet.
The term sheet was signed by Philex Chairman Manuel Pangilinan and President and CEO Eulalio Austin Jr., and MGMDCI shareholders Michael Escaler, Jose Ma. Lopez, and Felicisimo Feria. “We need to hit the ground with this at the soonest possible time, considering that this property is adjacent to our Padcal mine and would go a long way in fulfilling company plans for expansion and extension of the life-of-mine of Padcal,” he added.
“This is a good addition or extension to the Padcal Mine. I hope that this is the start of something good and that it would ride the wave of higher metal prices in gold and copper,” Pangilinan said.
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