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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (45526)	10/20/2009 6:01:05 PM
From: LoneClone	Read Replies (1) \| Respond to of 193686

Xstrata raises resource estimate at its Tampakan copper-gold project The group now says the mine, considered Southeast Asia's largest undeveloped copper-gold prospect, is estimated to contain 13.5 million tonnes of copper and 15.8 million ounces of gold Posted: Tuesday , 20 Oct 2009 MANILA (Reuters) - mineweb.com Global miner Xstrata Plc (XTA.L: Quote) has boosted an estimate of mineral resources at its $5.2-billion Tampakan copper-gold project in the southern Philippines to 2.4 billion tonnes from 2.2 billion, the firm said on Tuesday. The mine, considered Southeast Asia's largest undeveloped copper-gold prospect, is now estimated to contain 13.5 million tonnes of copper and 15.8 million ounces of gold, at a grade of 0.6% copper and 0.2 grams per tonne of gold. Manila is counting on the Tampakan project to help meet its ambitious goal of attracting up to $14.5 billion in investments into its mining sector by 2013. But just $2.4 billion has come in since 2004, with a recent global downturn making it even more difficult for miners to fund exploration projects. Xstrata's new figure compares to a 2007 assessment of 12.8 million tonnes of copper and 15.2 million ounces of gold at the same grades. The firm aims to start production in 2016, more than two decades after the discovery of the Philippine mine. A pre-feasibility study this year showed potential annual copper output of 340,000 tonnes and 350,000 ounces of gold, based on a 20-year term of operations. "Our current focus is on completing the feasibility study during the first half of 2010 and on managing extensive specialist studies and stakeholder engagement activities," Peter Forrestal, president of Xstrata's Philippine affiliate Sagittarius Mines Inc, said in a statement. The firm hopes to complete the studies by the end of 2010. (Reporting by Manolo Serapio Jr.; Editing by Clarence Fernandez)