China's Zijin Drops Indophil Takeover Offer -Shanghai Metals Market

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China's Zijin Drops Indophil Takeover Offer

Industry News 08:48:01AM Jun 25, 2010 Source:SMM

SYDNEY, June 25 -- Chinese copper producer Zijin Mining <2899.HK> <601899.SS has terminated its A$545 million takeover offer for Australia's Indophil Resources <IRN.AX>.

As a result, Indophil said it was exploring other options regarding its 37.5 percent stake in the undeveloped Tampakan copper and gold mine project in the Philippines controlled by Xstrata <XTA.L>.

The mine is slated to start in 2016 but is under threat from a ban on open pit mining in South Cotabato province over environmental concerns.

 

 

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#1 Refined Cu
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49430.0
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51.5
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73.5
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China's Zijin Drops Indophil Takeover Offer

Industry News 08:48:01AM Jun 25, 2010 Source:SMM

SYDNEY, June 25 -- Chinese copper producer Zijin Mining <2899.HK> <601899.SS has terminated its A$545 million takeover offer for Australia's Indophil Resources <IRN.AX>.

As a result, Indophil said it was exploring other options regarding its 37.5 percent stake in the undeveloped Tampakan copper and gold mine project in the Philippines controlled by Xstrata <XTA.L>.

The mine is slated to start in 2016 but is under threat from a ban on open pit mining in South Cotabato province over environmental concerns.