MANILA Jan 30 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
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.