Philex Mining Corporation (PX)
was incorporated on July 19, 1955 to primarily engage in mining activities. The Company and its subsidiaries are organized into two main business groupings: the mining business under the Philex Mining Corporation, and the oil and gas business under the Philex Petroleum Corporation (PPC).
Philex Mining currently has the Padcal Mine in Benguet as its only operating segment. The Padcal Mine is on its 53rd year of operation producing gold, copper and silver as principal products.
The Philex Mining has long been a silent investor in oil properties owning participation in several service contracts. In 2007, it incorporated PPC to engage in petroenergy business, of which 49% was subsequently acquired by Anatolian Property BV (APB), a Netherlands company whose shareholders are funds-managed by Ashmore Investment Management Limited.
In July 2009, Philex Mining repurchased APB's interest and gained full control over PPC. In September 2010,
Philex Mining transferred its investments in energy assets to PPC which holds 38.82% of Forum Energy plc, a UK-based oil exploration company owning participation interest in several service contracts in the Philippines, particularly in northwestern Palawan.
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"Philex Mining Corporation Company Profile"
was written by Mary
under the Business
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comments. The article was created on 26 April 2012
and updated on 26 April 2012