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Indophil says raises stake in Philippine mine

Sun Jun 22, 2008 8:59pm EDT

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SYDNEY, June 23 (Reuters) - Australian-listed Indophil Resources (IRN.AX), the target of competing takeover bids, has lifted its stake in the Tampakan copper and gold mine in the Philippines by 1.73 percent, the firm said on Monday.

Indophil is looking to increase its stake in the mine to 37.5 percent. It said it now has 34.23 percent, compared with Xstrata's (XTA.L) 62.5 percent interest.

Xstrata is looking to take control of Indophil and on Sunday increased its bid to match a rival consortium bid, see: [ID:nSYD19467]. (Reporting by James Thornhill, editing by Mark Bendeich)



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