Xstrata Tampakan Project Cost Up To $5.2 Billion - Project Partner
22 April 2009 - 12:02PM
Dow Jones News
Development of Anglo-Swiss miner Xstrata Plc's (XTA.LN) Tampakan
copper-gold property in southern Philippines will cost up to $5.2
billion, its project partner said Wednesday.
Based on extended prefeasibility study by Sagittarius Mines,
Inc., Xstrata's local unit, the initial capital outlay of $5.2
billion required for the Tampakan project would include a
contingency of more than $800 million.
The project cost was initially estimated at $2 billion.
The study confirms the "world-class, low cost and long-life
nature of the deposit," underpinned by a 2.2 billion ton mineral
resource containing 12.8 million tons of copper and 15.2 million
ounces of gold, Indophil Resources NL (IRN.AU) said in a
statement.
"Based on these findings, Tampakan is a stand-out as the most
realistic and attractive underdeveloped copper-gold deposit in the
world," said Indophil's chief executive Richard Laufmann.
The findings would allow annual production of 340,000 tons of
copper and 350,000 ounces of gold, based on a 20-year
operation.
The mill recovery rate is estimated in a range of 83% to 90% for
copper and 60% to 80% for gold, with a copper concentrate grade of
34% to 37%.
"The latest Tampakan findings warrant immediate commitment to
the final feasibility study," Laufmann said.
Indophil owns 34.23% of Tampakan, while project manager Xstrata
has a 62.5% interest in the project.
-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051;
rhea.sandique-carlos@dowjones.com
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