Glencore Xstrata, Indophil discuss Tampakan joint venture restructure
By Bong S. Sarmiento
May 26 2013

KORONADAL CITY (MindaNews / 26 May) – Australian firm Indophil Resources NL is in talks with Glencore Xstrata plc for the possible restructuring of the joint venture at the Tampakan project, Southeast Asia’s largest known undeveloped copper-gold reserve, a company executive said

Brian Phillips, Indophil chairman, said during the annual general meeting on May 23 in Australia that the company is involved with several significant events, foremost of which is a discussion with the new merger.

“The most important of these, from an Indophil shareholder perspective, is our discussions with the newly-formed Glencore Xstrata, including considering ways to restructure our joint venture on the Tampakan copper-gold project in the Philippines,” he said in a disclosure to the Australian Stock Exchange.

“In the 21 days since the acquisition of Xstrata was completed, Glencore has demonstrated its willingness to act promptly and decisively. Glencore has a broad portfolio, and a considered but driven agenda,” Phillips added.

Glencore International plc announced on May 2 it has completed the takeover of Xstrata plc to form the GlenCore Xstrata, reportedly making it the world’s fourth-biggest mining company and the world’s biggest commodities trader.

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