Indophil to pursue Tampakan proj

MANILA, Philippines - Indophil Resources, a minority stakeholder in the $5.9-billion Tampakan copper-gold project in South Cotabato said it remains committed to the development of the project as the government comes up with recommendations to move the venture forward.

“We are ready to buckle down to work once the government gives us the go signal to start with the project,” said Indophil vice president for corporate affairs Gavan Collery.

Australia-based Indophil has a 37.5 percent stake in Sagittarius Mines Inc., the operator of the project, while  GlencoreXstrata holds 62.5 percent.

Indophil is currently 30 percent owned by Filipino corporations including the Alsons group through funding by BDO Unibank, the SM group, San Miguel Corp. and Philex Mining Corp.

“Indophil and its in-country alliance partners are focused on working with government and moving the Tampakan project towards development,” said Collery. “We’re seeing light at the end of the tunnel.

The Tampakan project is currently on a reduced expenditure mode while the government identifies solutions for moving the project forward.

An interagency working group (IAWG) within the Mineral Industry Coordinating Council (MICC) was expected to submit by the end of November, several recommendations to address the problems confronted by project managers.

The IAWG was created by the MICC in September as a response to SMI’s petition for the formation of a unit that can help resolve various issues that prevent the advancement of the project.