Welcome to Indophil Resources NL
Indophil Resources NL is an Australian publicly-listed company, incorporated in 1996, to acquire, explore for and develop gold and copper-gold opportunities in the Philippines, elsewhere in South East Asia and broader horizons where opportunity exists to enhance and maximise shareholder value (ASX: IRN).
The Company's key asset is a strategic 37.5% interest in Sagittarius Mines, Inc. (SMI), the operating arm for the world-class Tampakan Copper-Gold Project in the southern Philippines in which Glencore Queensland Limited (previously Xstrata Queensland Limited) holds a 62.5% interest and acts as project manager.
As the holder of a granted Financial and Technical Assistance Agreement (the Columbio FTAA), SMI acts as contractor to the Philippine Government which owns the mineral rights to Tampakan and acts as a project partner on behalf of the people of the Philippines.
The Tampakan Project has a global resource of 2.94 billion tonnes containing an estimated 15 million tonnes of copper and 17.6 million ounces of gold at a 0.2% copper cut-off grade. The annual average rate of production over its first 17 years is estimated at 375,000 tonnes of copper and 360,000 ounces of gold.
Indophil has other interests in the Philippines - in Northern Luzon (Balatoc) and Eastern Mindanao (Manat).
September Quarterly Report
The Company released its 30 September 2014 Quarterly Report to the market on 23 October 2014. A copy of the report can be found here or under ASX Releases and Quarterly Reports.
ALSONS OFFER FOR INDOPHIL
On 23 September 2014, Indophil's Independent Directors announced that the Company had received an all-cash offer from Alsons Prime Investments Corporation (APIC), under which APIC proposes to acquire all of the issued shares of Indophil not already owned by APIC under a Scheme of Arrangement. A copy of the announcement can be found here or under ASX Releases.
Under the proposed Scheme, APIC will offer Indophil shareholders A$0.30 cash for each Indophil share they own. The Company will keep the market updated on progress of the Offer.
On 12 November 2014, Indophil advised details of its Scheme Meeting to be held in Melbourne on 18 December 2014. The Company also lodged its Scheme Booklet. Shareholders are invited to review the Scheme Booklet in its entirety before voting on the Scheme. The Independent Directors unanimously recommend that, in the absence of a Superior Proposal, shareholders VOTE IN FAVOUR of the scheme. A copy of the Scheme Booklet will be mailed to shareholders on 17 November and a copy is also available here or under ASX Releases.
Indophil announced on 17 November that one of the conditions to the Scheme of Arrangement had been satisfied following receipt of FIRB approval. A copy of the announcement can be found here or under ASX Releases.