|A rich vein of gold.|
|Ivanhoe's Modi_taung workers (and one depressed Burmese Elephant).|
|Underground Gold Vein in Modi-Taung Hills.|
(This latest Burma Mining update was from AFP March 15.)
Philex Mining Corp. has sent representatives to Burma in recent weeks to look at opportunities and assess the investment climate, company senior vice-president Michael Toledo told AFP.
“Myanmar [Burma] is opening up and a lot of businesses are really looking at that country. We do not want to be left behind,” he said.
He said Philex was eyeing metallic minerals and even natural gas in Burma, but did not disclose which local companies they were dealing with.
“We are looking at the regulatory framework, the political landscape, how business is run there, who are the people to talk to. This is the regular due diligence that companies do,” Toledo said.
The company, which posted a record net income of 5.8 billion pesos ($US136 million) in 2011, is also eyeing investments in gold and copper in Indonesia, Toledo said.
He stressed the talks were exploratory and that no commitments had been made.