I'm pretty sure this has been mentioned but came accross this...

I'm pretty sure this has been mentioned but came accross this article this morning in The Age.

Tampakan deal could be wrapped up for ChristmasBARRY FITZGERALD
November 11, 2009 - 9:11AM .
Indophil Resources (ASX:IRN)

It's hard to catch up with Indophil Resources chief Richard Laufmann nowadays. He has been travelling here there and everywhere to secure the sale of Indophil's 34.23 per cent stake in the world-class Tampakan copper/gold project in the southern Philippines.

He was last seen boarding a Cathay Pacific flight out of Tullamarine, presumably headed to Hong Kong and further north.

Indophil has said previously that a range of "range of parties" had visited Tampakan and discussions on a potential sale were at an "advanced stage". It goes without saying that those talks are now even more advanced.

Market whispers are that a deal on Tampakan - or a takeover deal for all of Indophil – will be wrapped up in time for Chistmas. That expectation has been reflected in Indophil's share price performance of late.

At Tuesday's close of $1.07 a share, Indophil is more than triple its opening price for the year of 31 cents a share. Those backing Laufmann's ability to secure the right sort of deal are using $1.28 a share as something of a benchmark.

That's because that was the price that Xstrata – the 62.5 per cent partner in Tampakan and a 19 per cent Indophil shareholder - bid for Indophil last year, only to be rebuffed by the board because of the board's preference for a similar priced offer from a Crosby-led consortium which, it turns out, never eventuated.

We've had the global financial crisis since then. But the forecast shortage in copper from around 2013 forecast by BHP Billiton and others means that interest in Indophil and its stake in Tampakan is as strong as ever.

First production from a $US5.2 billion Tampakan development would be possible by 2016.

Preliminary studies have suggested an initial 20 years of operation at an average annual production rate of 340,000 tonnes of copper and 350,000 ounces of gold.

Xstrata has to be in the frame as a potential bidder for Indophil and/or its stake in Tampakan.

Apart from anything else, it still has a 19.9 per cent stake in the company. But Chinese interests are more likely. Securing copper concentrates supplies for the next 20 years-plus in a market that is set to get much tighter is their motivation.

1.28? I was assuming a target for 1.50 P/S.
I hope for a takeover at 1.50+ :)