THE Ramos family-led Anglo Philippine Holdings Corp. on Thursday increased its stake in United Paragon Mining Corp.
Anglo said in its disclosure to the Philippine Stock Exchange that it bought 3 billion shares of United Paragon by way of regular cross transaction at a price of P0.012 per share.
As a result, the Ramos family, which also owns the National Book Store empire, increased its stake in the mining form to 22.96 percent from 21.81 percent.
United Paragon’s mining operation is the Longos Mine at Paracale, Camarines Norte.
The company operated and open pit area in the mine from August 1988 to June 1994, and, by April 1994, it began the commercial operations of the underground mine at the same site.
It was placed under care and maintenance in December 1998 because of serious depletion of economic reserves, high operating costs and low metal prices.
In November 2003 the company decided to suspend further drilling in Longos. There were no gold and silver recovered in the years since 2011 through last year since the company’s mining and milling operations are still suspended.
VG Cabuag