March 21, 2000

PSE CIRCULAR FOR BROKERS NO. 721-00

March 20, 2000

Disclosure Department
Listings and Disclosure Group
4/F Philippine Stock Exchange Center
PSE Center, Exchange Road
Ortigas Center, Pasig City

Gentlemen :

In compliance with your continuing disclosure rule, please be advised that the Board of Investments approved the Company's new copper flotation project involving a production of 3,500 metric tons per day of copper concentrates. The project will be entitled to fiscal and other incentives generally granted to non-pioneer enterprises.

Very truly yours,

(SGD.) RAY C. ESPINOSA
Corporate Secretary