Indophil In Discussion With A Number Of Parties On Tampakan
26 October 2009 - 11:27AM
Dow Jones News
Indophil Resources Ltd. (IRN.AU) said Monday it was in
discussions with a number of interested parties showing
"considerable interest" in acquiring its stake in the copper-gold
Tampakan project in the Philippines.
Indophil currently holds a 34.23% stake in Tampakan, with global
miner Xstrata PLC (XTA.LN) holding a further 62.5%.
Private investment group Alsons Corp. has agreed to sell its
remaining 3.27% interest in Tampakan as part of a potential sale of
Indophil's stake, should it receive an "acceptable" proposal from a
third party.
"While there has been no formal purchase agreement at this time,
indications are that most buyers would prefer to acquire the
combined 37.5%," said Indophil Chief Executive Richard
Laufmann.
Tampakan is targeting an initial 20 years' production at an
average annual rate of 340,000 metric tons of copper and 350,000
troy ounces of gold.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com
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