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| Philex affirms interest in $5.2b Tampakan copper-gold project |
| 03-SEP-2010 | Philippine Daily Inquirer |
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| 3 Sep, 2010 - 7:00:00 AM |
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Philex Mining Corp. has affirmed its interest in the $5.2 billion Tampakan mining project as part of its "long-term growth strategy."
Tampakan is reputedly the largest undeveloped copper and gold deposit in Southeast Asia and potentially the fourth-largest copper-gold project in the world.
In a disclosure to the Philippine Stock Exchange, president and COO Jose Ernesto C. Villaluna Jr. said: "As part of the company's long-term growth strategy, it is constantly looking at all investment opportunities and projects that it may be able to enter into. Indeed, Tampakan is one such possibility that the company is considering together with other mining projects, not only in the Philippines but also abroad."
On August 30, the Inquirer said in its Biz Buzz column that Philex may be interested in buying the 37.5-percent stake of Indophil Resources NL in Tampakan.
"In the event significant developments requiring disclosure on these matters would arise, the company shall accordingly make its appropriate announcement in accordance with applicable rules," Villaluna said.
The Australian miner owns 34.23 percent of the project and has made arrangements to acquire a further 3.27 percent interest from Alsons Corp.
The combined 37.5-percent stake has been on the market since a $473 million buyout deal with Zijin Mining Group Co., China's largest gold producer, was terminated in late June due to "uncertainties."
http://business.inquirer.net/money/topstories/view/20100901-290021/Philex-affirms-interest-in-52-B-Tampakan-field
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