Xstrata
Xstrata is a global diversified mining group, listed on the London and Swiss Stock Exchanges, with its headquarters in Zug, Switzerland.
Xstrata’s businesses maintain a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to platinum group metals, gold, cobalt, lead and silver, recycling facilities and a suite of global technology products, many of which are industry leaders.
The Group's operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, New Caledonia, Norway, Papua New Guinea, Peru, the Philippines, South Africa, Spain, Tanzania, the USA and the UK. Xstrata employs approximately 56,000 people, including contractors.
Xstrata green light for Tampakan Copper-Gold project boosts Indophil Resources
Philippines explorer Indophil Resources (ASX: IRN) delivered some powerful news today to investors.
The Tampakan Copper-Gold Project in the southern Philippines had been given the formal green light by major investor Xstrata Plc (LSE:XTA) to move to Final Feasibility Study.
Indophil has signalled it will sell its 34.23% stake in the copper-gold Tampakan project. A number of interested parties has signed confidentiality agreements to enter its data room.
A spokesman for Indophil said, "the interested parties are the tier-one corporates and the tier-one sovereign wealth funds. You're looking at the big end of town."
The Feasibility Study targets an initial 20-year mine life at an average annual production of 340,000 metric tons of copper and 350,000 troy ounces of gold, with a cash cost estimate of less than 46 U.S. cents a pound after gold credits.
Given the low cash costs and long life of the copper project, the interest in Indophil's stake is expected to be very high.
Based on the current schedule, the feasibility study is expected to be submitted to the government by the second quarter of 2010, Sagittarius said in a statement.
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Other Xstrata news
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11/02/10 Xstrata CEO sees commodities boom ahead
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08/02/10 Xstrata slashes costs by US$501 mln as H2 profit plummets 97%
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03/02/10 Xstrata reaches agreement with nickel workers in Sudbury ahead of planned ramp-up
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22/01/10 Xstrata says revised resource estimate confirms Frieda River’s potential as a very significant copper-gold project
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08/12/09 Xstrata Takes $2.45 Billion Hit And Closes Kidd Copper-Zinc Metallurgical Plants
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03/12/09 Xstrata Approves New Underground Mine and Adds Iron Ore Production To Ernest Henry Copper-Gold Operation in Queensland
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01/12/09 Xstrata Sells Indophil Stake To Zijin Mining
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17/11/09 Galway says Xstrata begins drilling at the GALCA coal JV in Colombia
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20/10/09 Xstrata reports increased production in thermal coal, platinum, nickel, zinc and lead
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15/10/09 Xstrata Walks Away From Proposed Anglo American Merger
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