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Tuesday, October 04, 2005
Indophil eyes more exploration
UPBEAT with the growing prospects of the country's minerals industry and the government's "all-out" support to their operations, Australian mining firm Indophil Resources NL declared it is now considering expanding its mineral exploration program in the country.
Tony Robbins, Indophil managing director, said the company has re-evaluated its ongoing exploration program and has decided to consider "opportunities beyond the existing world-class Tampakan Copper-Gold Project".
Indophil is the mother firm of the Sagittarius Mines Inc. (SMI), which is now conducting a pre-feasibility study on the copper and gold deposits in the mountainous tri-boundaries of Tampakan in South Cotabato, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur.
It is a subsidiary of Xstrata, one of the world's biggest mining companies.
"While the company's main focus is proving up the Tampakan Project and completing the pre-feasibility study, the time was right to take advantage of the improved investment environment and attractive mineral prospectivity in the Philippines," Robbins said in a statement.
Robbins did not provide details about the company's expansion plans but cited that its investment analysts will tour the project in mid-October.
Last week, officers of both Indophil and Xstrata visited the mineral development area in Tampakan.
Robbins said the Supreme Court based the company's decision on the improving investment environment in the minerals industry that was triggered by the "non-contestable validation" last February regarding the endorsement of the right of foreign mining companies to hold up to 100 percent of the stakes to mining projects.
Robbins said the high court's decision was "crucial to a favorable investment environment".
"This validation has since been underpinned by strong, visible support from the Philippine government with the implementation of its minerals action plan, buoyed by President Gloria Macapagal-Arroyo's open declaration that her government had moved from a policy of tolerance to the active promotion of the minerals industry," Robbins said.
Added to this, Robbins said the local minerals industry itself has shown a high degree of coordinated effort.
Indophil and SMI is currently speeding up its exploration program on the Tampakan project, which it described as the largest underdeveloped copper and gold deposit in the Fareast.
Company officials earlier said it would begin the full-scale mining operations "as soon as it is already feasible." It initially planned to become fully operational by 2009. (Allen V. Estabillo)
(October 3, 2005 issue)
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