Wellex Industries Inc., the publicly listed investment company of plastics magnate William Gatchalian, has obtained shareholders’ approval for a plan to shift its core business to mining and energy from manufacturing.

Company officials said Wellex was open to negotiations with possible foreign partners on future mining ventures.

The company’s stockholders approved an amendment to its primary purpose from a holding company to one that would engage in mining and oil exploration.

Company president Weslie Gatchalian said Wellex would focus more on chromite exploration.

The company earlier intended to go into nickel mining but this plan was apparently shelved after nickel prices dropped sharply.

Gatchalian had said last month that the slump in nickel prices had caused delays in the development of the company’s 1,200-hectare nickel site. He said Wellex would shift all its efforts and finances to its 2,400-hectare chromite site.

He said Wellex was eyeing possible mine sites in the southern provinces of Surigao del Norte and Surigao del Sur and on Dinagat Island in the Leyte Gulf where Wellex Mining owns a total of 3,700 hectares of land.

Dinagat Island is known to have the richest chromite and nickel deposits in the Philippines. Mining is one of the major sources of livelihood in the communities there. With editing by INQUIRER.net