Indophil says Glencore looking to quit $5.9 bln Tampakan project in Philippines

MANILA Thu Jan 30, 2014 2:54am EST

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MANILA Jan 30 (Reuters) - Glencore Xstrata Plc has indicated its preference to divest its stake in the $5.9 billion Tampakan copper-gold project in southern Philippines, its partner Indophil Resources said on Thursday.

"Glencore Xstrata has informed Indophil of its preference to divest its stake in Tampakan," Indophil said in a report to Australia's stock exchange.

No formal divestment process has begun but discussions have been ongoing regarding the matter, said Indophil, which holds a pre-emptive right over Glencore Xstrata's interest in the project.

A provincial ban on open-pit mining in place since 2010 has delayed Tampakan, a project that could be the biggest single foreign direct investment in the Philippines.

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