Submitted by: Submitted by bulatao
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Category: Business and Industry
Date Submitted: 09/04/2014 05:43 AM
Philex Mining Corporation and its subsidiaries are organized into two main business groupings: the metals business under Philex Mining and the energy and hydrocarbon business under Philex Petroleum Corporation.
Philex Mining was incorporated in the Philippines in 1955 and was listed on the Philippine Stock Exchange on Nov. 23, 1956. Philex Mining, Philex Gold Philippines, Inc. (PGPI), Silangan Mindanao Exploration Co., Inc. (SMECI), and Silangan Mindanao Mining Co., Inc. (SMMCI) are primarily engaged in large-scale exploration, development, and utilization of mineral resources. PGPI is a wholly owned subsidiary of Philex Mining through a holding company and incorporated in the Philippines while SMECI is a wholly owned subsidiary of Philex Mining through a holding company and PGPI, and incorporated in the Philippines. Philex Mining operates the Padcal Mines in Benguet while PGPI operated the Bulawan mine in Negros Occidental between January 1996 and June 2002. SMECI, through its subsidiary SMMCI, owns the Silangan Project covering the Boyongan and Bayugo deposits, which are currently under prefeasibility stage.
Philex Petroleum and its subsidiaries Forum Energy plc (FEP) and FEC Resources, Inc. (FEC) are engaged primarily in oil and gas operation and exploration, holding participating interest in serveral oil and gas production and exploration activities through their investee companies. Philex Petroleum, which is 64.79 percent-owned by Philex Mining and incorporated in the Philippines, has a 64.5 percent stake in FEP (registered in England and Wales) and a 51.2 percent stake in FEC (incorporated in Canada). Philex Petroleum also owns 100 percent of Brixton Energy & Mining Corporation (BEMC), which is engaged in coal operation in Diplahan, Zamboanga Sibugay, and started commercial production during 2012.
As of Dec. 31, 2011, Philex Mining has 45,085 stockholders, with 38.71 percent of its outstanding shares owned by foreign nationals and institutions....