Indophil Resources In Talks On Tampakan Stake Sale
October 20 2009 - 5:35PM
Dow Jones News
Indophil Resources NL (IRN.AU) said Tuesday it is in advanced
talks over the possible sale of its stake in the Tampakan
copper-gold project in the Philippines.
Tampakan's majority owner Xstrata PLC (XTA.LN) has announced a
new measured, indicated and inferred resource of 2.4 billion metric
tons at the project and expects the first-stage capital expenditure
for its development to be US$5.2 billion.
Indophil said it had sufficient cash to meet its budgeted share
of Tampakan project costs through to completion of a final
feasibility study but is also holding discussions about a possible
sale of its 34.2% stake.
"Following site visits, these discussions have progressed well,
and they are now at an advanced stage. Indophil will update the
market on any material developments as they occur," the
Melbourne-based junior said in a statement.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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