Philex Mining Corporation was incorporated to engage primarily in mining activities. The Company primarily produces copper concentrates containing copper, gold and silver, which are transported via sea freight and smelted either in Kyushu Island, Japan, in the Sanganoseki smelter of Pan Pacific Copper Co., Ltd. (PPC), a joint venture company between Nippon Mining Co. Ltd. and Mitsui Mining and Smelting Co., Ltd. The Bulawan gold mine produced dore bullion containing gold and silver, which were either refined by the Bangko Sentral ng Pilipinas Mint and Gold Refinery or sent by air freight and refined by Johnson Matthey plc of England. Philex Mining Corporation sells the mineral products from its copper concentrates principally to PPC.
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Lepanto Consolidated Mining Company is engaged in gold bullion production. The Company sells its gold bullion production to Johnson Matthey and Heraeus Ltd (Hongkong). Its ore reserves, as of December 31, 2006, were 1.14 million ounce of gold. The Company’s revenues are generated through the sale of gold in bullion. Under the contract with Johnson Matthey and Heraeus, Limited, Lepanto Consolidated Mining Company ships gold bars on a weekly basis. Its principal subsidiaries include Shipside, Inc., which is engaged in the hauling business; Diamond Drilling Corporation of the Philippines is in the business of providing diamond drilling services, and Lepanto Investment and Development Corporation (LIDC) is in the insurance business. The Company, through LIDC, owns 80% of Diamant Boart Philippines, Inc. a manufacturer of industrial diamond tools for mining exploration, marble cutting and the construction industry.
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