JOHANNESBURG (miningweekly.com) – Global miner Glencore on Wednesday executed a share sale agreement with an affiliate of Indophil Resources for the sale of its 62.5% stake in the $5.9-billion Tampakan project, in the Philippines.
The sale agreement, the details of which would be announced at a later date, consolidated the ownership of the Tampakan project, with Indophil reacquiring 100% ownership of the copper/gold project.
In January, Glencore disposed of its shares in Indophil to Alsons Prime Investments, which last year launched a 30c-a-share cash bid for the company. Indophil is now an unlisted public company, after becoming a wholly owned subsidiary of Philippines-based Alsons in late January.
The share sale agreement included a number of conditions that have to be met before June 30.
“The consolidation of ownership of Sagittarius Mines and the Tampakan project will enable Indophil to pursue its goal of responsible development in order to create value for its communities, the Philippine economy, its employees, its business partners and its shareholders,” Indophil commented in a statement.
The Tampakan project has a global resource of 2.94-billion tonnes, containing 15-million tonnes of copper and 17.9-million ounces of gold at a 0.2% copper cutoff grade. The project is one of the world's largest undeveloped large-scale, long-life copper and gold deposits.