PX's Chart Analysis

Philex Mining Corporation (PX) was incorporated on July 19, 1955 to primarily engagein mining activities. The Company and its subsidiaries are organized into two mainbusiness groupings: the mining business under the Philex Mining Corporation, andthe oil and gas business under the Philex Petroleum Corporation (PPC).PX currently has the Padcal Mine in Benguet as its only operating segment. The PadcalMine is on its 53rd year of operation producing gold, copper and silver as principalproducts.The Company has long been a silent investor in oil properties owning participation inseveral service contracts. In 2007, PX incorporated PPC to engage in petroenergybusiness, of which 49% was subsequently acquired by Anatolian Property BV (APB), aNetherlands company whose shareholders are funds-managed by Ashmore InvestmentManagement Limited. In July 2009, PX repurchased APB's interest and gained fullcontrol over PPC. In September 2010, PX transferred its investments in energy assetsto PPC which holds 38.82% of Forum Energy plc, a UK-based oil exploration companyowning participation interest in several service contracts in the Philippines, particularlyin northwestern Palawan.


recommendation:
buy
should hold 18
tp 21.5-22


current price is 19.22