- Written by ASIA Miner News
Philippines-based conglomerate San Miguel Corp is investing $40 million in Australian junior Indophil Resources, which holds a 37.5% interest in the Tampakan Gold and Copper Project.
San Miguel has entered into a share placement agreement to subscribe for about 48 million new Indophil shares, which will give it a 10.1% stake.
Indophil’s CEO Richard Laufmann says, “Engaging the support of San Miguel is a strategically important and positive outcome for the continued successful development of the company’s mining interests. San Miguel brings financial strength and regional relationships, underpinned by 120 years of operational excellence in the Philippines.”
Indophil has also entered into a binding exclusivity period with San Miguel until January 10, 2011, which means San Miguel will complete its due diligence on Indophil during this period and then decide whether to submit a ‘control proposal’ later.
“Indophil is immediately ceasing discussions with other interested parties in respect of possible corporate actions involving Indophil. It will remove access rights of those other parties to the company’s data room,” Richard Laufmann says.
In June China’s Zijin Mining Group terminated an Aus$545 million purchase of Indophil.