indophil to develop tampakan.shelves sale plan

Reuters 8 August 2011

http://af.reuters.com/article/metalsNews/idAFL3E7J522W20110808

" - Australian firm Indophil Resources NL has shelved
plans to sell off its stake in the copper-gold Tampakan project in the southern Philippines as the venture's prospects has reportedly improved, company vice president for corporate affairs Gavan Collery said. (BUSINESSWORLD)"

Also

http://www.bworldonline.com/content.php?section=Corporate&title=Indophil-shelves-plans-to-sell-off-stake-in-Tampakan-project&id=36069

"INDOPHIL RESOURCES NL, one of the foreign backers behind the planned Tampakan copper-gold mine in Mindanao, has shelved plans to sell off its stake in the project as the venture?s prospects has reportedly improved.
?We are not taking out our Tampakan interest... We are focused on playing our role in developing Tampakan along with Xstrata [Copper] and national government,? Gavan Collery, vice-president for corporate affairs of Indophil, told reporters in a chance interview late last week.

He said Indophil has decided to maintain a direct and active role in Tampakan on the expectation the issue on the ban on open-pit mining would be settled within the year following the statement made by Local Government Secretary Jesse M. Robredo late last month.

?Secretary Robredo?s statements gave us great comfort and we are confident with the environmental impact assessment now out there and open for review and discussion, it can lead to an amicable and acceptable resolution to everyone?s concerns with respect to environmental management in and around Tampakan,? Mr. Collery said.

Mr. Robredo was reported to have said that the ban on open-pit mining in South Cotabato may be lifted within the year as talks between the provincial government and officials of Sagittarius Mines, Inc. (SMI), the Philippine company pursuing the Tampakan project, are ongoing..."