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Xstrata to buy 62.5 pct in Philippine copper mine from Indophil Resources

ZURICH (AFX) - Xstrata Plc said it will exercise a option to acquire a 62.5 pct controlling stake in the Tampakan mine project in the southern Philippines from its current owner Indophil Resources.
Completion of the handover is expected March 30 2007, the group said.
Following the acquisition of Falconbridge in August this year, Xstrata is
now a major player in the global copper industry. The decision to exercise our
option to acquire a 62.5 pct controlling interest in the Tampakan Project will
further expand our position globally," the group said in a statement.
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