MANILA, Philippines - Sagittarius Mines, Inc. (SMI) plans to increase its projected investment in the Tampakan copper-gold project, Environment and Natural Resources Secretary Horacio C. Ramos said yesterday.
In an interview with The STAR, Ramos said SMI plans to invest more than its original estimate of $5.2 billion in the Tampakan copper-gold project based on a newly completed feasibility study submitted by SMI to the Mines and Geosciences Bureau of the DENR.
Ramos would not say how much more SMI plans to invest in the mine which is located about 50 kilometers north of General Santos City.
SMI announced yesterday that it has delivered the mining project feasibility study (MPFS) for its Tampakan copper-gold project to the government.
In a statement, SMI president Peter Forrestal said the $74 million MPFS confirms the potential for the Tampakan Project to become a world-class operation that would make it one of the largest copper producers in the world.
The DENR-MGB is expected to undertake a detailed review of the MPFS.
Xstrata Copper controls 62.5 percent of SMI while Indophil holds the remaining 37.5 percent.
Engineering firm Bechtel drew up the $74-million feasibility study.
The Tampakan copper-gold mine is estimated to contain 12.8 million tons of copper and 15.2 million ounces of gold.
It is projected to produce an average 340,000 tons of copper a year and 350,000 ounces of gold over a 20-year period.
Actual production is expected by 2016.