Xstrata to study Philippines copper/gold project

Xstrata Copper, along with other investors, will conduct a feasibility study to....

Xstrata Copper, along with other investors, will conduct a feasibility study to further evaluate the development of the Tampakan copper/gold project, in the Philippines.In an alliance with its Philippines affiliate, Sagittarius Mines (SMI), Xstrata Copper would review the results of all previous work programmes associated with the extended prefeasibility study. SMI stated that its funding shareholders had approved the $74-million feasibility study phase, which would entail a detailed engineering study to determine weather the project would advance to development stage.SMI said in a statement on Friday that, based on the current schedule, the feasibility study was likely to be submitted to the government by the second quarter of 2010.   “This phase we are embarking on is very significant for SMI and for the future of the Tampakan project. The decision to develop a major copper mine at Tampakan will depend on the outcomes of the feasibility study, which will examine the economic, social and environmental viability of this project,” said SMI president, Peter Forrestal. Partners in the Tampakan project include Xstrata Copper, who holds a 62,5% interest, Indophil Resources NL, which holds a 34,23% interest, and Alsons Corporation which holds a 3,27% interest.