In The Age this am:
Study confirms Philippine copper deposit
Australia's Indophil Resources said a study showed its Tampakan copper and gold project in the Philippines might be among the world's largest undeveloped lodes.
The company said in a statement that the study confirmed Tampakan as a world-class deposit, containing 11.6 million tonnes of copper and 14.6 million ounces of gold.
It also indicated s potential to increase the mineral resource within the project area, it said.
The $27 million study indicated the project was financially robust and potentially one of the world's best new large scale copper-gold mines, Indophil said.
It said the study was based on average production of 210,000 tonnes of copper and 218,000 ounces of gold a year in the first 10 years of operation.
Indophil said the study has been delivered to Xstrata , 40 per cent owned by private commodities trader Glencore, which holds the right to take a 62.5 per cent stake in the Tampakan project.
It said Xstrata had until October 31 to exercise or terminate its option.
It can also fund further work to enable it to decide whether to exercise its option no later than December 31 next year.
Indophil holds a 95 per cent stake in the project and the remaining 5 per cent is held by Philippines unlisted firm Alsons Corp.
In 2008, the group plans to begin the $1 billion construction and development of the mine on Mindanao island, in the Philippines, to be funded by debt and equity. Operations are expected to start in 2010.
The Tampakan project is one of 24 priority projects identified by the Philippine government to revive a near-dormant mining industry despite opposition from indigenous groups and powerful Catholic bishops.
The Philippine government, which says the country has $1 trillion of unexplored copper, gold and nickel deposits, is trying to lure foreign firms to invest $6.5 billion in the 24 priority projects.
Manila has said investors, mostly foreign firms, have so far poured about $500 million into the priority projects since last year.