indophil trade halt before mine facts

Indophil trade halt before mine

http://business.theage.com.au/business/indophil-trade-halt-before-mine-facts-20090420-acos.html
factsMathew Murphy
April 21, 2009

THE scope, scale and cost of the huge Tampakan copper and gold project in the Philippines will be released tomorrow, with Melbourne-based Indophil Resources placed in a trading halt ahead of the findings.

A preliminary study is being conducted by Xstrata, which has a 19.9 per cent stake in Indophil. It is believed that the study contains even more favourable production expectations than the initial 2006 study.

"I hope to put a smile on your face," said Indophil chief executive Richard Laufmann at yesterday's annual meeting.

Indophil chairman Brian Phillips said release of the results would lead to a final feasibility study and discussions with potential buyers interested in the company's 34 per cent stake in the project.

The latest life-of-mine average production estimates forecast 325,000 tonnes of copper and 310,000 ounces of gold annually. It is estimated that the project would have a 2.2-billion-tonne mineral base.

Indophil's remuneration report was passed at the meeting despite a "please explain" from resources investor Lion Selection.

Lion torpedoed the Stanhill consortium's $1.28-a-share offer for Indophil last year by selling the bulk of its shareholding to Xstrata for $1.17 a share.

Lion boss Robin Widdup questioned Mr Laufmann's involvement with the Stanhill group. Mr Phillips said Mr Laufmann had excused himself from all Indophil activities relating to competing takeovers.

Indophil shares are trading at 35¢, about 80 per cent lower than at the time of the $1.28 bid.

http://www.indophil.com