SMC stressed in a disclosure to the Philippine Stock Exchange (PSE) yesterday that it has not yet filed any application for exploration rights with the Department of Environment and Natural Resources.

"Until that authority is granted by the stockholders, the studies being made by the Company on mining as a business are exploratory," said SMC corporate information officer Fernando Constantino.

At the sidelines of the 7th ASEAN Pacific Mining Conference, DENR secretary Angelo Reyes said SMC wants to explore for iron, gold, nickel and copper in Mindoro province.

San Miguel recently announced it would seek new growth engines by investing in non-allied ventures such as power, infrastructure, and mining after dominating the home market for beer, liquor, dairy, poultry and processed food.

The Philippine government is trying to revive its mining sector by opening the industry to foreign players that can own up to a 100 percent stake in ventures after a liberalized mining law was implemented in 2005.

"We are on the verge of a take off," Reyes said, regarding the Philippines ‘ mining prospects. "We have every reason to be bullish."

Foreign and local firms have been lured into rehabilitating old mines and exploring new ones in the Philippines, which has an estimated $ 1-trillion worth of unexplored mineral wealth, due to the surge in demand mainly from mineral-hungry China.

San Miguel previously said it would raise its capital stock to 7.5 billion shares equivalent to about P37.5 billion ($ 822 million), from 4.5 billion shares now, to raise funds for its new ventures, pay down debt, and finance a possible share buyback.

SMC president Ramon Ang has personal investments in other sectors such as cement and is part of a consortium that tried to bid for the Philippines ‘ national electricity grid in February.

Ang has filed for a mineral exploration authority along with a sister firm of San Miguel, Horacio Ramos, director of the Mines and Geosciences Bureau.