Philex nears deal with new foreign investor in Silangan

Philex Mining Corp. is close to striking gold, with a new investor poised to come in for the company's Silangan project in Surigao del Norte.

- — Richmond Mercurio

In an interview, Philex chairman Manuel V. Pangilinan hinted that the group has found a foreign investor for the development of the Silangan project, but did not confirm if a deal has been closed.

"If you're an investor, where will you go? Of course there in the new one and with high grade ore," Pangilinan said, referring to the Silangan gold and copper mine.

Pangilinan said Philex would likely maintain majority control in Silangan, with the incoming investor taking a minority stake.