PHILEX Mining Corp. is targeting to expand its business and plans to acquire shares in a mineral exploration and production company in Itogon, Benguet province, the listed firm said on Monday.
In a regulatory filing, the mining company said it had signed a term sheet with Macawiwili Gold Mining and Development Co., Inc. outlining its intentions in preparation for a possible acquisition of shares.
Macawiwili also has interests in the exploration of various mineral deposits such as gold and copper. Philex is one of the oldest and largest copper and gold producers in Southeast Asia. The term sheet was signed by Philex Chairman Manuel V. Pangilinan and Mr. Austin. Macawiwili was represented by its shareholders Michael G. Escaler, Jose Ma. S. Lopez, and Felicisimo A. Feria.
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