Indophil Resources and the Zijin Mining Group have terminated the takeover agreement in which Zijin offered to purchase all Indophil shares in a deal which valued Indophil at about Aus$545 million.
Indophil’s CEO Richard Laufmann says, “This is very disappointing and a decision that was not made easily by either party. However, given the lengthy delay of some months in Zijin securing Chinese provincial approval for their offer for Indophil, and no clear timeframe forthcoming, both parties agreed to terminate the agreement.”
Given the world-class nature of the Tampakan Copper-Gold Project in the southern Philippines, and the recently submitted final feasibility study confirming it as one of the largest and most significant undeveloped copper projects in the world, Richard Laufmann says Indophil is re-opening discussions regarding the sale of its 37.5% stake in the project.
“The ever-increasing global appetite for copper and gold will not be met by known supply. The Tampakan project, clearly a flagship project, has been off the market and locked into an exclusive transaction since December 2009. This new and defining development of termination of the Indophil-Zijin offer has now freed Indophil to re-consider its opportunities.
“Therefore, Indophil will continue to pursue its strategy of extracting value from its 37.5% interest in the project.
“Indophil is reviewing its options and will open or re-open dialogue with interested parties. Given the world-class nature of the Tampakan deposit, Indophil is very confident that there is considerable interest around the globe in acquiring the company’s interest in Tampakan.”
www.indophil.com

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