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March 21, 2000PSE CIRCULAR FOR BROKERS NO. 721-00March 20, 2000Disclosure DepartmentListings and Disclosure Group4/F Philippine Stock Exchange CenterPSE Center, Exchange RoadOrtigas Center, Pasig CityGentlemen :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. ESPINOSACorporate Secretary