Take over in South Cotabato mining venture

BIG mining firm Xstrata Copper took over running the Tampakan copper-gold project last week, which closes the exercise option agreement with Indophil Resources NL. The deal gave Xstrata  control over 62.5 percent shares of the venture according to the company’s press release

Indophil retains a 32.5-percent interest in the project and has rights to acquire a further 5 percent.

This report from MindaNews said that under the terms of the option agreement dating back to September 2000 and exercised by Xstrata Copper in December 2006, Xstrata Copper has paid Indophil a net A$49.3 million for a 62.5-percent interest in Sagittarius Mines Inc, the statement said.

An Indophil official said the completion of the option agreement is a key step in the two-billion ton mineral resource project. Read full story here.


About mindanaw

A Journalist from Mindanao

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