Indophil: Xstrata Upgraded Resource Estimate For $5.9 Billion Tampakan Project
27 Januar 2012 - 6:42AM
Dow Jones News
Xstrata PLC (XTA.LN) has upgraded its mineral resource estimate
for the $5.9 billion Tampakan copper-gold project in southern
Philippines, Indophil Resources NL (IRN.AU) said Friday.
Xstrata increased its mineral resource estimate for the project,
located on Mindanao island in southern Philippines, to 2.94 billion
tons at 0.51% copper at a 0.2% cut-off grade, said Indophil, which
holds a 37.5% stake in Tampakan. Xstrata owns the remainder.
This represents an 18% increase from a previous estimate of 2.49
billion tons at 0.6% copper at a 0.3% cut-off grade, Indophil said
in a statement.
Based on the new information, estimated contained copper at
Tampakan in total resources has risen to 15.0 million tons from
13.9 million tons previously while estimated contained gold has
risen to 17.9 million ounces from 16.2 million ounces, Indophil
said.
Indophil chief executive Richard Laufmann said the new estimate
confirms the project's ranking as one of the most significant
underdeveloped copper-gold deposits in the world.
-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051;
rhea.sandique-carlos@dowjones.com
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