hk based first pacific co may bid for indophil

This is the majority shareholder in Philex (whose discussions with Indophil have been previously reported)

http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/september/15/business1.isx&d=2010/september/15

"Hong Kong-based conglomerate First Pacific Co. Ltd., meanwhile, is considering the possibility of investing in the Tampakan project through Indophil Resources NL, which holds a 37.5-percent stake in the largest untapped gold and copper deposit in Southeast Asia.

First Pacific chief executive Manuel Pangilinan in a separate interview said talks of a possible investment in Tampakan would be done through First Pacific, which is also the majority shareholder of Philex Mining Corp., the countrys most profitable and biggest mining company.

We are considering investing in Tampakan through Indophil, Pangilinan said.

When asked if First Pacific was interested in Indophils entire 37.5- percent interest in Tampakan, Pangilinan said it depends.

Also in the same article

"South Cotabato will start re-evaluating the controversial environmental code shortly after Gov. Arthur Pingoy ordered a review of the provincial ordinance.

The law is not effective yet. It was not published, so it has no teeth yet. I spoke to [South Cotabato] Gov. [Arthur] Pingoy last Friday during a meeting of the Governors League. He said he is remanding the code to the provincial council, to review, specifically, the open pit clause, Environment Secretary Ramon Jesus Paje told reporters Tuesday."

..."Paje reaffirmed the governments commitment to continue to protect mining investments in the country, including the $5.2-billion Tampakan copper-gold project in South Cotabato.

South Cotabato in June passed an environment code banning open-pit mining in the province. The ban has threatened the development of the Tampakan project, considered the single- biggest direct investment in the country to date.

Operator Sagittarius Mines Inc. holds a financial and technical assistance agreement, or FTAA, with the government to develop and operate said project."


"