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Market: LSE
Sector: General Mining
EPIC: XTA
Latest Price: 919.35p  (-5.49% Descending)
52-week High: 1,443.50p
52-week Low: 715.10p
Market Cap: 27,605.25M
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Xstrata is a global diversified mining group with its headquarters in Zug, Switzerland. The company mines seven major commodities: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to platinum group metals, gold, cobalt, lead and silver.

 

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Xstrata green light for Tampakan Copper-Gold project boosts Indophil Resources

26th Jun 2009, 8:45 am 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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