Philex Mining Corporation is considering an investment into the $5.2 billion Tampakan Copper-Gold Project in Mindanao months after a Chinese investment proposal was withdrawn.

Philex president Jose Ernesto Villaluna says the company "is constantly looking at all investment opportunities and projects that it may be able to enter into.

"Tampakan is one such possibility that the company is considering together with other mining projects, not only in the Philippines but also abroad."

Philex may consider buying Indophil Resources NL's 37.5% stake in Tampakan, the largest untapped gold and copper deposit in South East Asia.

In June China's Zijin Mining Group cancelled an Aus$545 million purchase of Australian-based Indophil after failing to win approval from the Chinese government.

Indophil's corporate affairs manager Gavan Collery says the Melbourne-based company is "engaged in talks with a range of parties in relation to a potential corporate transaction." He declined to say whether Philex is among the companies it is in talks with.

Xstrata Copper is Indophil's partner in Tampakan, which is expected to annually produce an average of 340,000 tonnes of copper and 350,000 ounces of gold for two decades.

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