Australian firm raises stakes in Mindanao mining venture
Filed under: Mine - Tampakan, Mineral - Copper, Mineral - Gold, Operator - Indophil Resources NL, Region 12 - South Cotabato
GENERAL SANTOS CITY (MindaNews/26 March) – Australian firm Indophil Resources NL has increased to 37.5 percent its stakes in a huge copper and gold venture straddling three Mindanao provinces by buying Alsons Corporation’s five percent interest in the project, officials announced today in a statement.
Alsons (C. Alcantara and Sons) will exchange its five percent interest in the Tampakan project for newly-issued Indophil shares and cash payments, Indophil managing director Tony Robbins said, adding the Australian publicly-listed company is very pleased with the arrangement.
The agreement allows Indophil to progressively lift its stake in the Tampakan project from 32.5 percent to 37.5 percent.
Xstrata Copper, the copper division of the major global mining group Xstrata Plc, holds the remaining 62.5 percent as part of a separate agreement announced last December that will see Xstrata Copper assume project management responsibilities for the Tampakan project on March 30.
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