Philex, was incorporated in 1955 and listed in the Philippine Stock Exchange (PSE: PX). Philex primarily operates the Padcal Mine- the first underground block cave operation in the Far East and operating since 1958- producing Copper, Gold and Silver concentrates. Philex and its subsidiaries Philex Gold Philippines, Inc. (PGPI, a wholly-owned subsidiary through a holding company), and Silangan Mindanao Exploration Co., Inc. (SMECI, a wholly- owned subsidiary through a holding company and PGPI) and SMECI's subsidiary Silangan Mindanao Mining Co., Inc. (SMMCI), are primarily engaged in large-scale exploration, development and utilization of mineral resources. Philex's principal investor is First Pacific Company Limited (HK: 142), a Hong Kong-based investment management and holding company with operations located in Asia and principal business interests in Telecommunications, Infrastructure, Consumer Food products and Natural Resources. Philex's publicly- listed subsidiary Philex Petroleum Corporation (PSE: PXP) and its subsidiaries are engaged primarily in Coal Operations, Oil & Natural Gas business.