MELBOURNE -(Dow Jones)- Indophil Resources NL (IRN.AU) said Tuesday it is in advanced talks over the possible sale of its stake in the Tampakan copper-gold project in the Philippines.
Tampakan's majority owner Xstrata PLC (XTA.LN) has announced a new measured, indicated and inferred resource of 2.4 billion metric tons at the project and expects the first-stage capital expenditure for its development to be US$5.2 billion.
Indophil said it had sufficient cash to meet its budgeted share of Tampakan project costs through to completion of a final feasibility study but is also holding discussions about a possible sale of its 34.2% stake.
"Following site visits, these discussions have progressed well, and they are now at an advanced stage. Indophil will update the market on any material developments as they occur," the Melbourne-based junior said in a statement.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com