Glencore finalises Tampakan sale
PERTH (miningweekly.com) – Global diversified miner Glencore on Friday confirmed the completion of the sale of its 62.5% interest in the Tampakan copper-gold project, in the Philippines.
The miner said in a short statement that it had also sold its 85% stake in the Falcondo nickel operation, in the Dominican Republic, and its 94% stake in the Sipilou nickel project, in Côte d’Ivoire, which were inherited from the 2013 takeover of Xstrata. The transaction was separate to the Tampakan sale and was made to an unnamed third party.
Total proceeds raised from the combined sales transaction was $290-million.
Glencore in June flagged a sales agreement with project partner Indophil Resources over its share of the $5.9-billion Tamapakan project. The sales agreement consolidated the ownership of the Tampakan project, with Indophil now holding full ownership of the project.
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.
It is estimated that the mine could yield an average of 375 000 t/y of copper and 360 000 oz/y of gold in concentrate over a 17-year mine life
The project has faced significant development difficulties after the South Cotabato provincial government imposed a ban on openpit mining in 2010, in response to pressures from antimining and anti-foreign-investment groups.
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