Monday, January 11, 2010

China's Zijin Mining set to acquire Tampakan stake through Indophil

The Peoples Republic of China's largest gold producer, Zijin Mining, will reportedly launch its $545 million takeover bid of Melbourne-based metals explorer Indophil Resources following approval by the Australian Foreign Investment Review Board.

If accepted, Zijin's offer, through its subsidiary Golden Resource Mining, will deliver a third of the Philippines' Tampakan copper and gold project, one
of
the
largest
undeveloped
copper‐gold
deposits
in the region.

The

project
is
located
on
the
southern
Philippines
island
of
Mandanao,
approximately
65
km
north
west
of
General
Santos
City.
It has been managed since April 2007 by
Xstrata
Copper,
through
its
62.5% stake in Philippine
affiliate,
Sagittarius
Mines Inc.

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