Offer for IRN's 37.5% interest in Tampakan coming soon.
Indophil curently hold 34.23% of Sagittarius Mining Inc. with the right to acquire Alson's 3.27% stake in stages.
The announcement today means the shareholding is tidied up...Indophil can offer the entire 37.5% stake for sale with the acceleration of purchase from Alsons. The new purchaser will be acquiring a 37.5% stake in SMI and Xstrata will hold the remaining 62.5% stake. I wonder what Xstrata's view is on this?
IMO this indicates an offer for the 37.5% stake in Tampakan is very close at hand.
http://www.stocknessmonster.com/news-item?S=IRN&E=ASX&N=326639
"Indophil and Alsons amend acceleration terms under MOA
Indophil Resources (ASX:IRN) and its Tampakan Copper-Gold Project partner Alsons Corporation have reached agreement on the terms by which Indophil may accelerate the pace at which it acquires a further 3.27% interest in the world-class project.
Indophil already holds a 34.23% interest in the Tampakan project, with global mining house Xstrata holding a 62.5% interest. Once these exclusive arrangements with Philippine-based Alsons Corporation are finalised and with Alsons approval, Indophil would be in a position to move to a
37.5% interest in the project.
In March 2007, Indophil and Alsons detailed an agreement whereby Indophil could – on completion of agreed milestones – move to a 37.5% interest in the Tampakan project. That agreement has now been formally amended to allow Indophil to accelerate the acquisition process.
Commenting on the revised agreement, Indophil’s CEO Richard Laufmann said: “Indophil is pursuing a range of strategies to maximise the value of its stake in the Tampakan project and is in discussion with a number of parties. There is considerable global interest in acquiring copper projects and there
is considerable interest in Tampakan, a world-class copper-gold deposit. While there has been no formal purchase agreement at this time, indications are that most buyers would prefer to acquire the combined 37.5%.”
Key terms of the revised agreement include:
• A trigger for Indophil and Alsons to accelerate the acquisition of Alsons remaining 3.27% interest in Tampakan, should Indophil receive an acceptable third party proposal to purchase its Tampakan interest; and
• On this basis, Indophil waivers the remaining two Tampakan milestones (the completion of the Bankable Feasibility Study and completion of plant commissioning) to allow the granting of Indophil shares to Alsons. This new agreement now includes a waiver by Alsons of milestonerelated cash considerations, and in return Indophil will continue to fund Alsons share of project cost commitments.
"
Indophil curently hold 34.23% of Sagittarius Mining Inc. with the right to acquire Alson's 3.27% stake in stages.
The announcement today means the shareholding is tidied up...Indophil can offer the entire 37.5% stake for sale with the acceleration of purchase from Alsons. The new purchaser will be acquiring a 37.5% stake in SMI and Xstrata will hold the remaining 62.5% stake. I wonder what Xstrata's view is on this?
IMO this indicates an offer for the 37.5% stake in Tampakan is very close at hand.
http://www.stocknessmonster.com/news-item?S=IRN&E=ASX&N=326639
"Indophil and Alsons amend acceleration terms under MOA
Indophil Resources (ASX:IRN) and its Tampakan Copper-Gold Project partner Alsons Corporation have reached agreement on the terms by which Indophil may accelerate the pace at which it acquires a further 3.27% interest in the world-class project.
Indophil already holds a 34.23% interest in the Tampakan project, with global mining house Xstrata holding a 62.5% interest. Once these exclusive arrangements with Philippine-based Alsons Corporation are finalised and with Alsons approval, Indophil would be in a position to move to a
37.5% interest in the project.
In March 2007, Indophil and Alsons detailed an agreement whereby Indophil could – on completion of agreed milestones – move to a 37.5% interest in the Tampakan project. That agreement has now been formally amended to allow Indophil to accelerate the acquisition process.
Commenting on the revised agreement, Indophil’s CEO Richard Laufmann said: “Indophil is pursuing a range of strategies to maximise the value of its stake in the Tampakan project and is in discussion with a number of parties. There is considerable global interest in acquiring copper projects and there
is considerable interest in Tampakan, a world-class copper-gold deposit. While there has been no formal purchase agreement at this time, indications are that most buyers would prefer to acquire the combined 37.5%.”
Key terms of the revised agreement include:
• A trigger for Indophil and Alsons to accelerate the acquisition of Alsons remaining 3.27% interest in Tampakan, should Indophil receive an acceptable third party proposal to purchase its Tampakan interest; and
• On this basis, Indophil waivers the remaining two Tampakan milestones (the completion of the Bankable Feasibility Study and completion of plant commissioning) to allow the granting of Indophil shares to Alsons. This new agreement now includes a waiver by Alsons of milestonerelated cash considerations, and in return Indophil will continue to fund Alsons share of project cost commitments.
"
