Philex eyeing mining opportunities in Burma

Philex Mining, the largest minerals explorer and extractor in the Philippines, has set its sights on the investment landscape of Myanmar—also known as Burma.   “We don’t exactly know what the laws are. But since many companies are rushing to go to Burma, Philex does not want to be left behind. It’s opening up and we want to be there,” said spokesman Mike Toledo.   Philex is interested in mining for gold and precious gems in Burma, where the government is in a phase of growing openness that has earned historic revival of diplomatic ties with countries outside of the Association of South East Asian Nations.   “The opening up of Burma, the relaxation of its political and certain economic policies is enough signal for any company, for that matter, to come and invest. We are open to partner with local companies to explore opportunities in mining,” Toledo said.   He added that Burma could someday become competition of the Philippines in attracting international investments and trade.    “While the Philippines is rich in mineral resources, we cannot be complacent into saying that we could just come up with laws that do not help the industry. At the end of the day, there are countries willing to accept investors and Burma is one of them,” the Philex spokesman said. — ELR, GMA News