MANILA, Philippines - Philex Petroleum Corp. on Thursday said it has transferred its coal operating contract in Zamboanga Sibugay to Grace Coal Mining and Development.
In a disclosure, Philex Petroleum said its shuttered subsidiary Brixton Energy and Mining Corporation has finalized a deal to assign coal operating contract 130 in Zamboanga Sibugay to Grace Coal Mining.
The deal is still subject to approval of the Department of Energy.
However, Philex Petroleum president Carlo Pablo said the company is not exiting the coal business.
"We are not leaving coal altogether, the industry can still be profitable We will consider other coal prospects in the future," Pablo said.
The underground coal mines covered by COC 130 were closed in September 2013, following suspension of operations in January 2013 due to low coal prices. - With report from Warren de Guzman, ANC