First Pacific Co. Ltd. is looking at investing not only in Lepanto Consolidated Mining Co. but also in Surigao del Norte mining operations of Manila Mining Corp. Executive chair of First Pacific, Manuel V. Pangilinan told reporters on July 31 that First Pacific was eyeing the entire spectrum of the local mining groups assets. “We just have to wait for the result of the due diligence because it has many components Lepanto itself as a company, Manila Mining, which has [operations] in Surigao beside [Philex Mining Corp.] Boyongan [site]”, Pangilinan said at the sidelines of Metro Pacific Tollways Corp.’s annual stockholders meeting. Asked what it was about businessman Felipe Yaps mining assets that his group wanted, Pangilinan said: “If you put your Philex hat on, it’s the Manila Mining [site] in Surigao beside the Boyongan tenement of Philex, so well be interested in exploring that. There are many options. We can invest in Lepanto or just the mine in Surigao, he said. Pangilinan also mentioned Far Southeast Gold Resources Inc.” when asked how big a stake the First Pacific group would like to acquire, Pangilinan said that no decision has been taken. “What we want and what Felipe Yap wants must meet,” he said. Pangilinan said that the results of a due-diligence audit was still pending, which would probably be finished in two weeks time. “But I don’t know whether we need more time for more due diligence, so I can’t say that after two weeks well make a decision. It depends on how good the due diligence process was”, he said. Asked whether First Pacific was eyeing other local mining companies in Philippines, Pangilinan said he could not disclose it because First Pacific is a publicly listed company.

Lepanto Consolidated Mining Co. stated that First Pacific Co. Ltd. (FPCL) has expressed interest in acquiring the company. The STAR had earlier reported that FPCL was interested in Lepanto. Lepanto’s vice president assistant corporate secretary, Odette Javier said: “We wish to confirm that FPCL is conducting a due diligence on Lepanto. A due diligence may or may not result in an investment.” FPCL intends to increase its presence in the Philippine mining sector and is looking for other mining ventures aside from Philex Mining Corp. FPCL plans to raise its stake in Philex but this would depend on the financial requirements and the approval of other shareholders, including state pension fund Social Security System, the Ongpin bloc and the group led by former Philex chairman Walter Brown.

Shares of Lepanto Consolidated Mining Co. has been gradually rising for the past several days on speculation that Manny V. Pangilinan’s First Pacific Co. Ltd., is interested in acquiring the company. From PHP 0.17 last July 9, Lepanto shares have surged by 41% to PHP 0.24 on July 16, on volume of 243.5 million shares valued at PHP 58.91 million. Rumors are doing the round in the stock market that Pangilinan-led group is conducting a due diligence on Lepanto. The STAR tried but failed to get a comment from Pangilinan as of press time. First Pacific Co. Ltd., in which Pangilinan is managing director, is eager to expand its presence in the Philippine mining sector as it continues to be on scout for other mining ventures aside from Philex Mining Corp. First Pacific has a 22% stake in Philex. Pangilinan earlier said First Pacific would utilize Philex as its main vehicle for mining investments in the country. First Pacific is also planning to raise its stake in Philex but this would depend on the financial requirements of the company and the approval of other shareholders including Social Security System (SSS), the Ongpin bloc and the group led by former Philex chairman Walter Brown.