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AUSTRALIA'S XSTRATA CLOSER TO SECURING SHARE IN PHILIPPINES MINE.
PERTH, Nov 1 Asia Pulse - Major mining house Xstrata Copper has moved a step closer to securing an interest in the Tampakan copper and gold project in the Philippines held by Melbourne-based Indophil Resources NL (ASX:IRN).
Xstrata has elected to sole fund further work on the large Tampakan project to determine whether or not to exercise an option to acquire 62.5 per cent of the project.
Xstrata Copper executive general manager of project development Peter Forrestal said the company was required to fund further work after Indophil completed a $A27 million ($US20.87 million) pre-feasibility study.
"Xstrata's decision to sole fund further work was a clear indication of our continuing interest in the Tampakan project," Mr Forrestal said.
"Xstrata Copper is in the process of reviewing the results of the Indophil pre-feasibility study, which confirms Tampakan as a major undeveloped ...
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