Philippines' Philex suspended from trading on report to produce coal by 2008

Sunday, November 18, 2007; Posted: 09:32 PM

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MANILA, Nov 19, 2007 (Thomson Financial via COMTEX) -- PLXCF | charts | news | PowerRating -- Trading in shares of Philex Mining Corp, the Philippines' biggest miner, will be suspended briefly on Monday pending the company's clarification of a newspaper report that it might be able to produce coal for the first time starting 2008, the stock exchange said.

The trading halt will be lifted by 10 am, or 30 minutes after the market opens, with or without Philex' clarification, it said.

Philex, which is mainly involved in gold mining, was asked to clarify a local newspaper report quoting an unidentified company official as saying that the company was looking to produce coal from a site in southern Philippines.

enrico.delacruz@thomson.com

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