San Miguel Completes Acquisition Of 10.1% Stake In Indophil
October 15 2010 - 7:50AM
Dow Jones News
Philippine conglomerate San Miguel Corp. (SMC.PH) said Friday it
has completed its acquisition of a 10.1% stake in Indophil
Resources NL (IRN.AU), the Australian miner that owns a 37.5% stake
in the Tampakan copper-gold project in the country's south.
The share placement agreement, involving 48 million new shares
at A$0.86 a unit for a total of A$41.29 million, gives San Miguel
an exclusive right to conduct due diligence until Jan. 10 next year
and decide whether it should initiate a tender offer to acquire
additional shares in Indophil, the company said in a statement to
the stock exchange.
The Tampakan project, controlled by Anglo-Swiss miner Xstrata
PLC (XTA.LN), has a total resource estimate of 2.4 billion metric
tons, with a grade of 0.6% copper and 0.2% grams a ton of gold.
The development cost of the project, said to become the
Philippines' biggest mining project, is estimated at US$5.2
billion.
-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051;
rhea.sandique-carlos@dowjones.com