The Peoples Republic of China's largest gold producer, Zijin Mining, will reportedly launch its $545 million takeover bid of Melbourne-based metals explorer Indophil Resources following approval by the Australian Foreign Investment Review Board.
If accepted, Zijin's offer, through its subsidiary Golden Resource Mining, will deliver a third of the Philippines' Tampakan copper and gold project, one of the largest undeveloped copper‐gold deposits in the region.
The project is located on the southern Philippines island of Mandanao, approximately 65 km north west of General Santos City. It has been managed since April 2007 by Xstrata Copper, through its 62.5% stake in Philippine affiliate, Sagittarius Mines Inc.
If accepted, Zijin's offer, through its subsidiary Golden Resource Mining, will deliver a third of the Philippines' Tampakan copper and gold project, one of the largest undeveloped copper‐gold deposits in the region.
The project is located on the southern Philippines island of Mandanao, approximately 65 km north west of General Santos City. It has been managed since April 2007 by Xstrata Copper, through its 62.5% stake in Philippine affiliate, Sagittarius Mines Inc.