1. Philex (PX.PSE) - buy
2. Lepanto Consolidated Mining Company (LC.PSE) - buy
3. Apex Mining (APX.PSE) - buy
Philex has a stake in the Bayogono gold project in Mindanao being developed by Anglogold. I think Anglogold will eventually take over their partner. This is a very large gold mine. Not sure of the development lead times for this project.
Lepanto Consolidated Mining Company (LC.PSE)
Lepanto Consolidated Mining Company is selling 20% of its Far South East gold/copper project to Zijin Mining Group for $70mil. Zijin is a HK-listed company, and one of the biggest gold producers in China. They will immediately develop the project. The project is located at Mankayan, benguet province, philippines. The project feasibility was completed in 1988 by JS Redpath Corp, but uopdated in 1995. The porphry copper reource is 657mil tons at 0.65%Cu and 1.51g/t gold. The 1995 study was based on $1/lb copper and $400 gold. Any upgrade of the feasibility study is likely to highlight the financial merits of this project.
- Andrew Sheldon www.sheldonthinks.com