Philex Mining Corp. announced the resignation of Atty. Leonardo L. Leonida as member of the board of directors of the company in view of his appointment as presiding commissioner of the 8th division of National Labour Relations Commission.

Philex Mining Corp. reported earnings results for the third quarter of 2009. For the quarter, the company posted a net profit of PHP 617.5 million compared to PHP 1.07 billion in the same period last year. Its operating revenue was at PHP 2.37 billion, against PHP 2.34 billion for the year-ago period.

The Social Security System (SSS) is reluctant to sell its 22% stake in Philex Mining Corp. (Philex). The CEO and President of SSS, Romulo Neri said the company may only sell its stake in the middle of 2010 to optimize pricing. “We have no interest in selling it now. There are too many good developments in Philex,” he said. Neri noted the recent discovery of Pitkin Petrolem Plc of a major oil and gas field in offshore Vietnam. With these developments, Neri said the sale of SSS’s stake in Philex may not happen during his tenure. “It could be in the middle of next year but there might be another management by then,” he said. In a separate interview, SSS senior vice-president for Investments, Edgar Solilapsi said that various companies including San Miguel Corp. president Ramon Ang have expressed interest in the company’s stake in Philex. However, he said, SSS has not offered it to any of the interested parties. Solilapsi agreed that Philex’ business was in good shape and that it was not a good time for SSS to be selling its stake. “There are many possibilities,” he said. The president of SSS, Romulo L. Neri had said on August 25, that the company was indeed in talks with San Miguel Corp. president Ramon S. Ang but that it was “nothing serious.” Asked when a sale might take place, Neri said it could be in the middle of next year, adding that “probably SSS would be under a new administration by then. But we are not closing our doors,” he said. “Of course, SSS assets are for sale for the right price.”