Monday, April 09, 2007 Foreigners hold key posts at copper project
TOP executive positions at the Tampakan copper and gold project are now occupied by foreigners as the huge venture enters the key stage of definitive feasibility study expected to be completed by the end of 2008.
Xtrata Copper announced in a statement new appointments to the board of Sagittarius Mines Inc., the local company pursuing the Tampakan project.
Based in Brisbane, Australia, the firm assumed management control of the project from the Australian Stock Exchange-listed Indophil Resources NL last March 30.
The management takeover came about after Xstrata Copper exercised its option to acquire 62.5 percent of the controlling interest in the Tampakan project last December.
The appointments to the board of Sagittarius Mines include Charlie Sartain as chair of the board and Peter Forrestal as president.
Forrestal replaced Paul G. Dominguez, a former presidential adviser for Mindanao affairs of the National Government, who resigned from the post days before Xstrata Copper assumed management control of the project from Indophil.
Dominguez, however, still remains as member of the Sagittarius board of directors.
"The changes to the board come as the Tampakan project embarks on a comprehensive feasibility study phase. The new directors will broaden the expertise and experience of the board and play an important role in guiding the project at this key stage of its development," Sartain said.
The other new appointees were Louis Irvine, Neal O'Connor, Florido Casuela and Lucas Nunag as non-executive directors. They will join the other existing board members such as Tony Robbins, Mario Jalandoni, Gerry Palermo and Rogelio Flores.
The Tampakan project will continue to be managed from the Philippines through Sagittarius Mines, the statement said.
"The mineral resource estimates at the deposit indicate the project has excellent potential to become a new long life asset for Xstrata Copper. Our focus now is on feasibility-related studies, which we aim to complete by the end of 2008, and on progressing sustainable development programs with local communities," Sartain said.
"Xstrata Copper has a strong reputation internationally for community engagement, social responsibility, health and safety management and environmental performance. We will continue to build on the good work Sagittarius has done with the local communities, especially in the areas of education, health, community infrastructure and other sustainable development projects," he added.
Sartain said Xstrata Copper is “committed to working with all levels of government, the community and its partners in Tampakan as the project progresses into the important feasibility study phase."
The Tampakan deposit represents one of the largest undeveloped copper-gold deposits in the South East Asia-western Pacific Region. The pre-feasibility study completed last year indicates resources of two billion tons containing 11.6 million tons of copper and 14.6 million ounces of gold at a 0.3 percent copper cut-off grade. (BSS)
