As the mine environmental impact assessment for Tampakan is delivered and the related public consultation process is successfully completed ... Indophil looks to resolution of a provincial ban on open pit mining, leading to the formal 'commitment to proceed' decision in 2012, the company said in a statement.
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TITLE: Indophil targets 2016 start for Philippine Tampakan copper-gold project
SOURCE: Platts
By: Kimfeng Wong, newsdesk@platts.com
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The environmental impact assessment for the project's power station, port and filter plant was finalized in August, after completion of the EIA for the mine early this year.
Indophil remains confident that the provincial open pit ban, which the Philippine government says is contrary to national law and must be rescinded, will be resolved amicably and in a timely manner, it added.
The ban, which was included in a new Environment Code approved in June 2010 by the South Cotabato provincial council, resulted in China's Zijin Mining Group abandoning plans to take a stake in Tampakan.
However, Indophil proceeded with a $183.3 million equity raising exercise which was finalised in July.
Indophil has a 37.5% stake in Tampakan's project operator Sagittarius Mines alongside Xstrata Copper (62.5%). Xstrata also has a interest of around 20% in Indophil.
The Tampakan project feasibility study proposes a startup mining and milling capacity of 66 million mt/year, to produce 450,000 mt/year of copper and 435,000 oz/year of gold over the first five years of a 17-year mine life. The average life-of-mine production rates are expected to be 375,000 mt/year of copper and 360,000 oz/year of gold.
The project is estimated to have a development cost of $5.9 billion, including a $900 million power station.
Complete URL: http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Metals/7536470
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