Aussie Firm Says Northern Philippines Has One Of World’s Best New Copper, Gold Mines
Filed under: Mine - Tampakan, Mineral - Copper, Mineral - Gold, Operator - Indophil Resources NL
Komfie Manalo - All Headline News Foreign Correspondent
Davao City, Philippines (AHN) - Australian mining firm Indophil Resources NL said that the proposed Tampakan mine site in South Cotabato in the northern Philippines has been found to be one of the world’s “best new large-scale copper gold mines,” with an estimated 11.6 million tons of copper and 14.6 million ounces of gold.
Indophil has invested some $20 million to conduct a study on the mine site.
Once commercial operation in the mine site starts, the area could produce an average of 210,000 tons of copper and 218,000 ounces of gold per year during its expected 10 year lifespan, the Inquirer reported.
Indophil, which is listed on the Australian Stock Exchange, holds a 95 percent-stake in Sagittarius Mines Inc., the company that has been given exploration and mining rights to the area by the government through a Financial/Technical Assistance Agreement or FTAA.
Alsons, a Filipino-owned company, holds a five percent-stake in SMI.
Indophil, which is trying to enter into a partnership with Switzerland-based Xstrata for the Tampakan project, told the Inquirer it was elated by the result of the pre-feasibility study.
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