Australia’s Indophil buys out Alsons group in Tampakan mine

Romer S. Sarmiento
BusinessWorld
GENERAL SANTOS -- Indophil Resources NL has acquired the remaining stake of Filipino conglomerate Alsons Corp. in the massive Tampakan copper-gold project, the Australian firm said.

Gavan Collery, Indophil Resources corporate affairs manager, said the firm issued 25.9 million shares to Alsons last month as payment for Alsons’ 3.27% interest in the project. This would bring to 37.5% Indophil Resources’ interest in Tampakan, Mr. Collery said.

Alsons, meanwhile, now owns 3.8% of Indophil Resources.

Xstrata Copper, the world’s fourth-largest copper producer, holds the remaining 62.5% interest in the Tampakan project. The project is managed by Sagittarius Mines, Inc., the Philippine company holding the Financial and Technical Assistance Agreement granted by the government.

Anita Krauser, Indophil Resources company secretary, said Alsons’ 3.27% interest in the Tampakan project will be registered to Indophil Resources upon compliance with standard Philippine procedures.

Indophil Resources hastened its acquisition of Alsons’ 3.27% interest in the Tampakan project under an agreement with Alsons last Dec. 1, said Ms. Krauser. Read more...