FEC Resources Inc. (FECOF)

[Texan77]

FEC additionally holds a 40% interest in the Lascogan Mining Corporation (LMC) in partnership with Philex Gold Inc, another subsidiary of Philex Mining Corporation.


http://www.fecresources.com/about.aspx
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http://finance.yahoo.com/news/Philex-Gold-Announces-Leading-ccn-3827723726.html?x=0&.v=1

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Philex Mining Corporation (the Company) was incorporated in the Philippines in 1955 to engage primarily in mining activities. Its shares are listed in the Philippine Stock Exchange. The Company has operated for the past 51 years the Sto. Tomas II deposit at Padcal, Tuba, Benguet. The Padcal mine is the first underground block cave operation in the Far East. Total ore mined to year-end 2008 was 332.2 million tones, with a metal production of 162.2 million grams of gold (5,218.4 thousand ounces), 897.4 million kilograms of copper (1,981.7 million pounds), and 177.9 million grams of silver (5,732.7 thousand ounces). The Padcal mine is the only remaining large-scale copper-gold operation in the Philippines. In July 1996, the Company's gold claimholdings and assets, including the Bulawan mine in Negros Occidental, were spun-off to Philex Gold Philippines, Inc. (PGPI). Through a swap of shares, ownership in PGPI was subsequently transferred to Philex Gold Inc. (PGI). PGI was listed in the Toronto Stock Exchange in October 1996 following an initial public offering to primarily North American and European investors. The Company's ownership in PGI, now listed in the TSX Venture Exchange, is currently 81%. The Bulawan mine was in commercial operation from 1996 until 2002 when it was decommissioned and since then placed on care and maintenance. From 2001, PGPI focused on its North Property where the Boyongan copper-gold porphyry deposit in Surigao del Norte was discovered in August 2000 under a joint venture with Anglo American Exploration (Philippines) B.V. (Anglo) under Silangan Mindanao Mining Company (Silangan). In February 2009, the Company acquired all of Anglo's interest in the joint venture, giving the Philex Group control over the project. In 2005, PGPI also entered into a joint venture agreement with FEC Resources, Inc. (FEC), a 51%-owned subsidiary of the Company, to fund exploration of PGPI's Lascogon gold project. In 2005, Brixton Energy & Mining Corporation was incorporated to own, explore and develop the Company's coal property in Diplahan, Zamboanga. In 2007, Philex Petroleum Corporation (PPC) was incorporated to engage in petroenergy business, of which 49% was subsequently acquired by Anatolian Property BV, a Netherlands company whose shareholders are funds-managed by Ashmore Investment Management Limited. In September 2008, PPC completed its purchase of 33% of Forum Energy plc (FEP), a UK-based company listed at the Alternative Investment Market of the London Stock Enchange. FEP is an oil exploration company owning participating interests in several service contracts in the Philippines, particularly GSEC 101, which covers the Sampaguita natural gas discovery in northwestern Palawan. As FEC also owns 28% of FEP, the Company now holds, through Philex Petroleum and FEC, a total of 61% in FEP