NEWS
RELEASE
XSTRATA COPPER COMPLETES OPTION EXERCISE OVER TAMPAKAN
PROJECT IN THE PHILIPPINES
AND APPOINTS NEW DIRECTORS TO THE BOARD OF SAGITTARIUS MINES, INC.
Brisbane,
2 April 2007
Xstrata Copper
announces that it has completed its option exercise over the majority interest
and assumed management control of the Tampakan copper-gold project in the Philippines through its Philippines subsidiary, Sagittarius
Mines, Inc. (SMI). This represents a significant increase in the
company’s involvement in the Tampakan project, including the appointment
of several senior Xstrata Copper executives to the SMI Board and Management..
Xstrata Copper
exercised its option to acquire 62.5% of the controlling interest in the
Tampakan project on 21 December 2006, and assumed management control from
ASX-listed company Indophil Resources NL (IRN) on 30 March 2007, following
completion of the option agreement.
The Tampakan project
will continue to be managed from the Philippines through SMI.
Xstrata Copper has
appointed several new directors to the Board of Sagittarius Mines, Inc.
effective 30 March 2007. The appointments include Charlie Sartain as Chairman
of the Board, Peter Forrestal as SMI President, and Louis Irvine, Neal
O’Connor, Florido Casuela and Lucas Nunag as non-executive Directors. The
nominees will join existing Board members Tony Robbins, Paul Dominguez, Mario
Jalandoni, Gerry Palermo and Rogelio Flores.
“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 on the
Board and play an important role in guiding the project at this key stage of
its development,” said Mr Sartain.
“On behalf of
Xstrata Copper and SMI, I would particularly like to thank Paul Dominguez for
the important leadership role he has played as SMI President for the past two
years, as well as Tony Robbins, Managing Director of Indophil who with his team
have made a vital contribution to advance the Project to this point.� I would
also like to acknowledge the contributions of retiring Board members, John
Madden, Paz Somera, Roy Antonio and Alan Buenavista. Under the guidance of the
previous Board and Management, SMI has built and maintained close working
relationships with the Philippine government and local communities and
progressed important evaluation work on the project,” he 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.
“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 SMI has done with the local
communities, especially in the areas of education, health, community
infrastructure and other sustainable development projects.
“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,” he said.
New Board Appointments
Charlie Sartain
is the Chief Executive of Xstrata Copper and a member of the Executive
Committee of Xstrata plc. He has 25 years’ international experience in
the mining industry, initially in mining engineering and then in various
executive positions, focused in the metalliferous industry. He is currently a
Director of the International Copper Association, and a Director of the Council
on Australian Latin America Relations.
Peter
Forrestal is the Executive
General Manager Project Development of Xstrata Copper. He has been
involved in the mining industry for more than 30 years and brings extensive
international experience in mining and exploration, project
evaluation, feasibility studies and project development.
Louis Irvine
was appointed as Chief Financial Officer of Xstrata Copper in February 2004.. He
has more than 15 years’ international experience in the mining industry,
in financial and commercial management, project funding and business
development roles.
Neal
O'Connor was appointed as
General Counsel and Company Secretary of Xstrata Copper in 2003. He
has 15 years’ experience in international mining transactions and has
been admitted as a solicitor in Australia,
England and Wales.
Florido
Casuela was appointed as the
Director of the Philippines National Bank in 2006. He has been involved in the
Philippine banking and finance industry for over 30 years and has a long
history of senior management and board appointments within the Philippines
public and private sectors.
Lucas
Nunag has been admitted as
a solicitor in the Philippines
and has practiced corporate/commercial law for over 30 years. He brings
extensive experience in mergers and acquisitions, joint ventures, foreign
investments, contracts and immigration.
Ends
Xstrata contacts
|
Sue Sara
General
Manager Corporate Affairs & Social Responsibility Qld/NT, Xstrata
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Emily
Russell
Corporate
Communications Manager
Xstrata Copper
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Telephone
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+61 7 3295 7535
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Telephone
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+56 2 4782204
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Mobile
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+61 411 206 090
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Mobile
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+56 9 8528 1650
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Email
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suesara@xstrata.com.au
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|
Email
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erussell@xstratacopper.cl
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www.xstrata.com
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Notes
to editors
Xstrata
plc
Xstrata is a major
global diversified mining group, listed on the London and Swiss stock exchanges.
Headquartered in Zug, Switzerland, Xstrata maintains a meaningful position in
seven major international commodity markets: copper, coking coal, thermal coal,
ferrochrome, nickel, vanadium and zinc, with a smaller but profitable aluminium
business, recycling facilities, additional exposures to gold, cobalt, lead and
silver and a suite of global technologies, many of which are industry leaders.
The Group's operations and projects span 19 countries: Argentina, Australia,
Brazil, Canada, Chile,
Colombia, the Dominican Republic, Germany,
Jamaica, New
Caledonia, Norway,
Papua New Guinea, Peru, Philippines,
South Africa, Spain, Tanzania,
the USA and the UK.
Xstrata
Copper
Xstrata Copper is
headquartered in Brisbane, Australia, with regional offices in Santiago and
Antofagasta, Chile; Lima and Arequipa, Peru; Buenos Aires, Argentina; and
Toronto, Canada, and is one of the commodity business units within
the major global diversified mining group Xstrata plc.�
Xstrata
Copper’s mining operations span five countries and comprise mines,
mineral processing plants and port facilities in North Queensland, Australia; mining and processing operations and
port facilities in Chile, Peru and Argentina
in South America; and mining and processing plants in Canada. It also has a
recycling business (Noranda Recycling) with commercial offices in Canada, the United
States and Asia.�
Xstrata Copper is
evaluating and managing a world-leading portfolio of copper development
projects including Las Bambas in Peru,
El Morro in Chile, El Pach�n
in Argentina and Frieda River
in Papua New Guinea.
Xstrata Copper has now completed the option exercise to acquire 62.5 percent
and management control of the Tampakan copper-gold project in the southern
Mindanao region of the Philippines
through its affiliate Sagittarius Mines Inc. (SMI).
Xstrata Copper
is the fourth largest global copper producer, with annual managed
production of over one million tonnes.
Tampakan
Project
The Tampakan project is located on the
southern Philippines island of Mindanao,
approximately 65 kilometres north of General
Santos City.��
The current project is situated on the boundary of three Provinces –
South Cotabato, Sultan Kudarat and Davao
Del Sur..�
The Tampakan copper-gold deposit is located in the Province
of South Cotabato, Municipality of Tampakan.�
Most of the project area covers generally accentuated topography, with the
Tampakan deposit located on a NNE trending ridge at an elevation varying from
1,000-1,300 metres above sea level.
The Tampakan deposit
represents one of the largest undeveloped copper-gold deposits in the South
East Asia-western Pacific Region.� The PFS confirmed that resources of two
billion tonnes containing 11.6 million tonnes of copper and 14.6 million ounces
of gold at a 0.3% copper cut-off grade.