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Monday, 08 June 09
SAN MIGUEL EYES LOCAL MINING VENTURES - PHILIPPINE DAILY INQUIRER


Philippine Daily Inquirer reported that, Diversifying conglomerate San Miguel Corp.is making big plans for Philippine mining, seen as an industry that can exponentially perk up domestic economic growth.

San Miguel president Ramon Ang said Southeast Asia’s biggest food and beverage conglomerate, which has been diversifying into heavy industries, was also starting to pare down its debts while keeping enough for future acquisitions.

“In the Philippines, the potential of mining is so huge because we have a good deposit of gold, nickel and iron ore,” Ang said.

“If you can develop it, it’s big compared to existing players. We have so many ideas but we’re doing everything quietly,” he said.

San Miguel earlier obtained a foothold in the country’s biggest power retailer Manila Electric Co. and oil refiner Petron Corp. It is also investing in dormant Liberty Telecom Holdings Inc., which it plans to use as its vehicle for its foray into the highly competitive telecommunications business.

Ang said San Miguel was in talks with many groups and open to an array of opportunities but would like to keep details of its merger and acquisition strategy close to its chest.

San Miguel had looked at offshore mining opportunities too, particularly in Indonesia.

Earlier, American investment banking giant Goldman Sachs offered a piece of Indonesia’s second most valuable coal miner Adaro Energy, but Ang said the stake offered was too small.

The conglomerate had earlier looked into the biggest Indonesian coal miner PT Bumi Resources when its controlling stockholder, the Bakrie family, was selling assets to restructure debts.

For its part, Ang said San Miguel had started to use excess cash to reduce its debt, both at the parent and subsidiary levels.

As of end-March last year, San Miguel at the parent level had P51 billion worth of drafts and notes payable.
Source: http://business.inquirer.net/money/breakingnews/view/20090608-209313/San-Miguel-eyes-local-mining-ventures



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