PHILIPPINES - XSTRATA COPPER of Brisbane, Australia, has exercised its option to acquire 62.5% of the Tampakan copper-gold deposit in the Philippines. Xstrata and the current owner, INDOPHIL RESOURCES, also of Australia, are working together toward the management handover of the project on March 30, 2007.
The Tampakan deposit represents one of the largest undeveloped copper-gold deposits in the South East Asia / Western Pacific region. The pre-feasibility study confirmed that the Tampakan project is a 2.0-billion-t resource containing 11.6 million t of copper and 14.6 million oz of gold at a 0.3% copper cut-off grade. The project is located on the island of Mindanao.
Xstrata Copper's choice to exercise its options follows its Nov.1, 2006, decision to fund additional work by itself. This was a result of the project's increase in scale, complexity and potential viability. The decision followed Xstrata's receipt of the Indophil pre-feasibility study.
The Xstrata Copper website is at www.Xstrata.com/prod_copper.php.