Philippine mining giant considers investing in Myanmar gold mine
March 15, 2012, 12:20 am TWN
MANILA -- The Philippines' largest gold miner said Wednesday it is keen to invest in Myanmar as the former pariah state makes tentative political reforms and tries to lure investors with tax breaks.
Philex Mining Corp. has sent representatives to Myanmar in recent weeks to look at opportunities and assess the investment climate, company senior vice-president Michael Toledo told AFP.
"Myanmar is opening up and a lot of businesses are really looking at that country. We do not want to be left behind," he said.
He said Philex was eyeing metallic minerals and even natural gas in Myanmar, but did not disclose which local companies they were dealing with.
"We are looking at the regulatory framework, the political landscape, how business is run there, who are the people to talk to. This is the regular due diligence that companies do," Toledo said.
The company, which posted a record net income of 5.8 billion pesos (US$136 million) in 2011, is also eyeing investments in gold and copper in Indonesia, Toledo said.