Philex says it may reopen gold mine amid rising prices
http://business.inq7.net/money/topstories/view_article.php?article_id=9603
By Cecille Yap
Xinhua Financial News Service
07/14/2006
PHILEX Mining Corp said it is looking into the possibility of reopening its Bulawan gold mine in the central province of Negros Occidental in light of rising prices of the precious metal.
The mine was operated from 1996 to 2002 by Philex Gold Philippines Inc, a wholly owned unit of Philex Gold Inc, which is a subsidiary of publicly-listed Philex Mining. It was shut down because of lower gold prices at that time.
“Because of the currently encouraging level of gold prices, Philex Gold is reviewing the possibility of reopening the Bulawan mine, but there has been no decision yet in this regard,” Philex Mining told the stock exchange.
Gold futures rallied overnight, closing at their highest level in more than a month, as political instability in the Middle East, India and North Korea fuelled safe-haven demand.
Gold for August delivery closed up 8.10 dollars at 651.20 dollars an ounce on the New York Mercantile Exchange, its highest level since May 30.
Philex’s A-shares closed up 0.10 pesos at 4.10 while its B-shares advanced 0.10 to 4.15.
