Written by Madelaine B. Miraflor Published on 10 January 2013
A Philex Petroleum Corp. unit, Brixton Energy and Mining Corp. (BEMC), has decided to suspend its coal mining operation in Zamboanga Sibugay after deciding to put its project within the area on a six-month assessment period.
In a disclosure to the Philippine Stock Exchange, BEMC said that it was affected by the significant drop in coal prices and in response to this unexpected change in market conditions, the company decided to undertake a detailed review of the operations and prospects of the coal mining project under Coal Operating Contract No. 130 located at Diplahan, Zamboanga Sibugay.
“It is anticipated that this review could take up to six months to complete,” the disclosure said.
The company also said that while the assessment is being undertaken, BEMC has determined that it would be “prudent to suspend underground mining operations.”
“In the meantime, activities will be confined to maintenance and repair of the coal mine and to processing and marketing of existing coal inventory,” BEMC said.
BEMC, operating as the subsidiary of Philex Petroleum, is into exploration and mining of coal.
Meanwhile, Philex Mining Corp., the parent of Philex Petroleum, on Tuesday, announced its intention in developing the resource-rich Recto Bank, following the statement of the Chinese Embassy in Manila that the Philippines should be open to a joint exploration of the area.
A Philex Mining official said that this year, the company will set its focus on holding discussions for the exploration of resource-rich Recto Bank in northwest Palawan province. Recto Bank is 150 kilometers off Palawan, or within the country’s exclusive economic zone, but is also claimed by China.
“We are very interested in Recto Bank. Also, the [Philippine] government, our partner, is also interested in Recto Bank,” said lawyer Mike Toledo, Philex Mining senior vice president for Corporate Affairs.
Chinese Ambassador to the Philippines Ma Keqing strongly suggested that China and the Philippines must collaborate in maximizing oil and gas potentials of Recto Bank. source
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