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Share Name | Share Symbol | Market | Type |
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Indophil Fpo | ASX:IRN | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Cris Larano
MANILA--Sagittarius Mines Inc. secured a government environmental-compliance certificate Tuesday clearing one obstacle to developing the Philippines largest gold and copper mine.
The certificate for the Tampakan mine is conditional and Sagittarius Mines still needs local government and other state-agency permits, Environment and Natural Resources Secretary Ramon Paje said in a statement.
Xstrata Copper subsidiary Sagittarius Mines took control of the project in 2007. Other shareholders include Australia-listed Indophil Resources N.L. (IRN.AU) and the Tampakan Group. Xstrata Copper is a unit of Xstrata PLC (XTA.LN).
Construction of the Tampakan mine "could potentially commence in 2015, enabling commercial production in 2019," Sagittarius Mines President Peter Forrestal said in a statement in December.
Environmental approval has been complicated by a ban on open-pit mines in South Cotabato province.
The mine on the southern island of Mindanao will cost an estimated $5.9 billion and is the largest mining development in the country and covers towns in the provinces of South Cotabato, Sarangani, Sultan Kudarat and Davao del Sur. The project covers 9,605 hectares and will produce annually about 375,000 tons of copper and 360,000 ounces of gold over a 17-year period, according to the company's website.
Write to Cris Larano at cris.larano@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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