First Pacific Co. LTD of Hong Kong is keen on expanding its interest in Philippine mining using Philex Mining Co., the biggest in the industry, as its main platform.

"We're always open," First Pacific managing director Manuel V. Pangilinan said, when asked on talks about the regional conglomerate expanding its mining interest beyond Philex.

He said however that Philex would be the "main vehicle."First Pacific, which has been buying Philex shares from the open market and had accumulated proxies ahead of the company's stockholders meeting on Wednesday, has emerged as the single biggest voting block in the mining firm with a 22-percent direct stake.

Pangilinan was elected chair during the recent meeting.

He declined to comment on talks that First Pacific was now conducting a due diligence on another mining firm. He said nothing was final yet. "We will announce when it's done," he said.

First Pacific initially acquired a 21-percent interest in Philex last year. During the stockholders of First Pacific earlier this year, Pangilinan said:

"This is an initial step to building a significant mining business considering the mining opportunities available in general in the Philippines, and the specific mining prospects-in particular its Boyongan gold and copper property in Mindanao-that Philex is currently developing."In the meantime, Walter Brown was named Philex CEO during the company's board meeting on Wednesday, which followed the company's stockholders meeting.

In early June, First Pacific was spotted by stock market pundits snapping up shares of Philex Mining from the open market at P6.50 a share.

The Hong Kong conglomerate must have so far added about 60 million shares to its holdings via cross transactions on the local stock market.

In the meantime, industry sources also said Pangilinan's group had forged alliances with institutional investors for the long haul since it wanted the country's largest mining company to be its vehicle for its mining business.

Asked whether First Pacific will further increase its shares in Philex, Pangilinan said, "It depends on their financial requirements. We are ready to support Philex in fund-raising."Philex has also kept its door open to more oil-related projects, as Pitkin Petroleum Plc., where it has a 21.1-percent stake, completed initial drilling in an oil and gas well in Vietnam.