The Pangilinan-led Philex Mining Corporation is investing in Macawiwili Gold Mining and Development Company Incorporated (MGMDCI) project in Itogon, Benguet as part of its plans to expand the Padcal Mine.
Philex Mining recently signed a term sheet with MGMDC outlining “the parties’ clear intentions to explore commercial, financial, and technical avenues in preparation for possible shares acquisition by the Company in MGMDCI”
Activities under the said partnership include the “conduct of due diligence and scout drilling activities on the property of MGMDCI covered by [its] Mineral Production Sharing Agreement (MPSA) in Itogon, Benguet Province.”
Philex Mining President and CEO Eulalio B. Austin Jr. stated that pursuance of this investment “is part of our business direction for this year to broaden interest in ‘green metals’ through mergers and acquisitions.”
“We need to hit ground with this at the soonest possible time, considering that these properties adjacent to our Padcal mine would go a long way in fulfilling company plans for expansion of the life-of-mine of Padcal,” Austin added.
Macawiwili Gold Mining and Development Co., Inc. is a 90-year-old company engaged in mineral exploration and production located in Itogon, Benguet with over 800 hectares of contract area under its MPSA exploring various mineral deposits, including gold and copper, for several decades.
