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History

Indophil (IRN) was incorporated in December 1996 for the purpose of acquiring, exploring for and developing gold and copper-gold opportunities in the Asia-Pacific Region. It was founded by Tony Robbins and Chris Middleton, both former long-term executive managers of WMC Resources` (WMCR) Exploration Division. Initial seed funding was provided by a group of Melbourne businessmen.

  • By November 1997 – the Company had generated a portfolio of properties with an initial focus on the Philippines and minor activity in India.
  • In November 1997 – additional capital was raised through the Lion Selection Group (LSG) with Indophil becoming LSG’s first investment following their successful listing on the ASX.
  • During 1998 – commenced an active exploration program on the Philippines exploration portfolio and in November 1998 signed a Heads of Agreement with the Alcantara Group for a farm-in and joint-venture arrangement over the Manat property in SE Mindanao.
  • Exploration at Manat during 1999 – focused on an exploration drilling program at the Magas prospect leading to an initial JORC-compliant inferred resource of 272,000 oz gold and 1.75Moz silver within the Magas vein system. Drilling also located a new porphyry copper-gold system with MNTD14 intersecting 227m at 0.19% copper and 0.30g/t gold.
  • In September 2000 – consistent with the Company’s strategy to evaluate new and significant opportunities, the Company signed an Acquisition Support Agreement with the Tampakan Group of Companies (TGC) over their rights and in support of their acquisition from WMCR of the Tampakan copper-gold deposit located in Southern Mindanao. At the same time, the Company signed an Agreement with MIM (subsequently Xstrata Copper) for that company to purchase a 62.5% interest in the Tampakan Project.
  • Until December 2001 – an unsuccessful legal action before the Philippine Courts by a third party delayed finalisation of the Sale & Purchase Agreement between TGC and WMCR at which time the Columbio FTAA was transferred to the TGC. A subsequent action by the third party before the Office of the President delayed project handover until August 2002.
  • In mid 2000 – Indophil initiated that activity for an IPO on the ASX based on the then current exploration portfolio and the potential acquisition of an interest in the Tampakan copper-gold deposit (not then finalised). Eventual listing (ASX code IRN) took place in May 2002 following a significant delay due to a difficult capital raising environment after the September 11, 2001 terrorist attack in the USA.
  • August 2002 – Indophil secured handover of the world-class Tampakan Copper-Gold Project.
  • In May 2003 – the Company embarked on an infill and delineation drilling program on the Tampakan deposit and in 2005 commenced a preliminary feasibility study (PFS) into commercial development.
  • In November 2005 - following a continued program of infill and delineation drilling, the Company announced a significant JORC-compliant resource increase at Tampakan to 1.34 billion tonnes @ 0.66% copper and 0.27g/t gold at a 0.3% copper cut-off grade. This resource contained 8.8Mt copper metal and 11.6Moz gold.
  • In April 2006 - that mineral resource was revised by 47% to 2.0 billion tonnes at 0.72% copper equivalent, using a 0.3% cut-off grade. The new resource estimate contained 11.6Mt of copper and 14.6Moz of gold, using the same cut-off grade.
  • In September 2006 - the PFS was completed, on time and on budget.
  • In December 2006 - Xstrata Copper announced its decision to exercise its option over 62.5% of the Tampakan project, and this became effective on 30 March 2007.
  • In March 2007 - Indophil moved to increase its Tampakan holding, over time, to 37.5% in a deal with Alsons Corporation.
  • Also in March 2007 - Xstrata and Indophil exercised the option agreement whereby Xstrata took a 62.5% interest in Tampakan, and assumed the role as Project Manager.
  • In June 2007 - Tony Robbins stepped down as MD of Indophil, but remained as a Non-Executive Director. Richard Laufmann was appointed CEO/MD of Indophil on 13 June 2007.
  • In December 2007 - Xstrata announced a major upgrade of the Tampakan JORC resource to 2.2Bt at a grade of 0.6% Cu and 0.2% Au containing 12.8Mt Cu and 15.2Moz Au at a 0.3% copper cut-off grade.
  • In March 2008 - Indophil announced an all-scrip off-market offer for Lion Selection which at the time held a strategic interest of approximately 25% of Indophil.
  • In May 2008 - Xstrata Copper and Lion entered a pre-bid acceptance agreement under which Lion sought to sell 17.7% of Indophil to Xstrata Copper for $1.00 per share. Xstrata Copper also announced its intention to make a $1.00 per share off-market cash offer for Indophil, which Indophil rejected.
  • In June 2008 - the Crosby Consortium (comprising amongst others, Mr Laufmann and Alsons Corporation [Alsons], a partner in the Tampakan Project) announced its intention to make a $1.28 per share off-market cash offer for Indophil (which was subsequently made through the entity Stanhill Resources Pty Ltd). The offer was recommended by the Independent Directors in the absence of a superior offer. Xstrata Copper subsequently announced its intention to match the Stanhill offer. On 23 June, Lion shareholders rejected the proposed sale of Lion’s 17.7% stake in Indophil to Xstrata Copper. Indophil announced its intention to let its offer for Lion to lapse.
  • In July 2008 - Indophil’s offer for Lion lapsed on 7 July. Xstrata Copper’s offer for Indophil opened 15 July.
  • In August 2008 - the Stanhill offer for Indophil opened on 20 August and Stanhill announced details of its enhanced proposal to acquire Indophil. On 29 August, Xstrata Copper’s offer for Indophil lapsed.
  • In September 2008 - Xstrata Copper announced on 5 September that it had purchased a 17.83% stake in Indophil from Lion at $1.17 per share, taking Xstrata Copper’s shareholding to 19.99%. Alsons made an offer to purchase Indophil’s interest in the Tampakan project. Stanhill’s offer for Indophil lapsed on 22 September. Late in the month, Indophil announced that it had entered into a Memorandum of Intent (MoI) with Alsons in relation to its offer to purchase Indophil’s interest in the Tampakan project.
  • In November 2008 - Indophil shareholders’ poll at a general meeting gave overwhelming authority for the potential sale of Indophil’s interest in the Tampakan project.
  • 19 February 2009 - Indophil announces preliminary results from the Xstrata Copper-managed Extended Pre-Feasibility Study.
  • In April 2009 - Indophil holds its Annual General Meeting on 20 April and receives overwhelming shareholder support for the two resolutions. On the 22nd, Indophil receives and reviews the completed Extended Pre-Feasibility Study, confirming the world-class, low-cost and long-life nature of the Tampakan deposit.
  • In June 2009 - the Tampakan project receives the formal go-ahead on the 26th from its joint venture partners for commencement of the Final Feasibility Study. At the same time, Indophil begins signing Confidentiality Agreements and opens a Data Room as part of the sale process for Indophil’s share of the project.
  • In October 2009 - Xstrata Copper announced on 20 October an upgraded mineral resource for the Tampakan project - up from 2.2 billion tonnes (Bt) to 2.4Bt. On the 26th, Indophil and Alsons reach agreement by which Indophil may accelerate the pace at which it acquires a further 3.27% of the Tampakan project, lifting Indophil`s stake to 37.5%.
  • In December 2009 - Indophil agrees terms on 1 December with the Zijin Mining Group, China`s largest gold producer and third largest copper producer, for a recommended takeover offer of Indophil for A$1.28 per share, valuing Indophil at approximately A$545 million. On the 21st, in finalising the Indophil-Alsons agreement, Indophil issues 25.9m Indophil shares to Alsons as consideration for acquisition of Alsons` 3.27% interest in Sagittarius Mines Inc., the holder of the Tampakan project.
  • 23 December 2009 - Zijin`s Bidder`s Statement and Indophil`s Target`s Statement were lodged with ASIC and various stock exchanges.
  • In January 2010 - Zijin advised on 8 January that its takeover offer for Indophil had been approved by the Australian Government`s Federal Treasurer on recommendation from the Foreign Investment Review Board (FIRB). The Offer opened on the 18th and is due to close on 19 March 2010 unless extended.
  • On 10 March 2010, Zijin advised that its takeover offer for Indophil had been extended by 28 days to 19 March 2010.
  • In April 2010 - Sagittarius Mines Inc., the operating arm of the world-class Tampakan Copper-Gold Project, advised on 8 April that it had formally handed over the Tampakan Mining Project Feasibility Study to the Philippine Government. A detailed review of the study would be undertaken by the Government. Also on 8 April, Zijin advised that its takeover offer for Indophil had been extended a second time. The notice of variation confirmed the offer would expire on 14 May 2010. On 22 April, Indophil released its 2009 Annual Report and advised its AGM would be held in Melbourne on Monday, 31 May.
  • In May 2010 - Zijin advised that its takeover offer for Indophil had been extended a third time. The notice of variation confirmed the offer would expire on 9 July 2010.
  • On 31 May 2010, Indophil held its Annual General Meeting of Shareholders in Melbourne.
  • On 25 June 2010, Indophil and Zijin advised that they had mutually agreed to terminate the Takeover Implementation Agreement between them dated 29 November 2009 (as amended on 15 April 2010). Zijin advised that it would not extend the offer period beyond 9 July 2010.
  • On 25 June 2010, Indophil said that given the world-class nature of the Tampakan Copper-Gold Project, and the recently submitted Final Feasibility Study confirming it as one of the largest and most significant undeveloped copper projects in the world, it would be re-opening discussions regarding the sale of its 37.5% stake in the project. Indophil remains committed to maximising the return to shareholders from the Company`s flagship asset, the Tampakan deposit.
  • On 8 October 2010, Indophil agreed to make a US$40 million share placement at A$86 per share to one of the Philippines` largest companies, San Miguel Corporation (completion date is 15 October 2010). Details of the placement, including ongoing obligations, are set out in the terms of the Placement Agreement (copy on Indophil`s website under ASX Releases). Indophil has entered into a binding exclusivity period with San Miguel until 10 January 2011, during which San Miguel will complete its due diligence on Indophil and decide whether to submit a control proposal to Indophil.
  • On 15 October 2010, Indophil confirmed it had completed the US$40 million share placement to Coastal View Exploration Corporation (a wholly owned subsidiary of San Miguel Corporation). Indophil provided an update on the Tampakan Project in its ASX release dated 15 October 2010.
  • On 6 January 2011, Indophil and San Miguel agreed to extend the exclusivity period by one month, to 10 February 2011. On 10 February, the exclusivity period expired by mutual agreement between Indophil and San Miguel. The two companies maintain a sound relationship and San Miguel continues its due diligence process, while allowing Indophil to pursue a range of options to extract maximum value for shareholders from the Company`s strategic interest in the world-class Tampakan project.
  • The Company held its Annual General Meeting of Shareholders in Melbourne on 25 May 2011 following release of its 2010 Annual Report on 21 April.
  • In June 2011, Indophil made a series of ASX announcements regarding an Institutional and Retail Equity Raising. Following issue of a Prospectus on 8 June, the successful completion of the Institutional component, A$148.5 million, was announced on 10 June. The Retail Offer is scheduled to close on 7 July.
  • On 14 July 2011, Indophil confirmed settlement and allotment of the retail component of its equity raising. Full details of the Company`s issued capital were also provided in an updated Appendix 3B. Following the close of the Retail Offer, Indophil made a placement of shortfall shares and in relation to that, released to the ASX a Cleansing Statement. Including the Institutional Entitlement Offer and Institutional Placement, Indophil raised total gross proceeds of approximately $183.3 million under the equity raising.
  • On 1 September 2011, Indophil announced the appointment of David Carland as a non-executive director of Indophil Resources. Dr Carland brings over 30 years of investment banking and commercial experience to the Company following the recent successful equity raising.
  • On 12 December 2011, Indophil announced a A$97.7 million share placement providing the Company with a strategic alliance with Alsons Group, a long-term Philippine-based shareholder. The placement consists of two tranches with Tranche 1 expected to settle before the end of the year. Tranche 1 will raise A$30 million and Tranche 2 (requiring shareholder approval) will raise a further A$67.7 million. The terms of the placement allow for two director nominations to the Indophil Board.
  • On 29 December 2011, Indophil announced completion of a share issue under Tranche 1 of the placement agreement. Mr Nicasio Alcantara was also appointed as a non-executive director of Indophil Resources. Mr Alcantara is an experienced director with over 40 years involvement in both public and private companies. Indophil also confirmed details of a General Meeting to be held on 3 February 2012 to approve Tranche 2 of the placement.
  • On 27 January 2012, Indophil provided the market with a revised and upgraded mineral resource estimate as announced by Project Manager Xstrata Copper. In summary, the total estimated mineral resources (Measured, Indicated and Inferred) rose from 2.49Bt at 0.6% Cu at a 0.3% copper cut-off grade to 2.94Bt at 0.51% Cu at a 0.2% copper cut-off grade (18% tonnage increase). The Measured and Indicated category increased by 34% from 1.69Bt (0.6%) to 2.27Bt (0.55%). Estimated contained copper in total resources increased from 13.9Mt to 15.0Mt and estimated contained gold increased from 16.2Moz to 17.9Moz.
  • On 3 February 2012, Indophil held its General Meeting and shareholders voted overwhelmingly in favour of the Tranche 2 placement to the Alsons Group. On 6 February, Indophil completed the issue of shares under Tranche 2 and Mr Walter Wassmer was appointed to the Board as a Non-Executive Director. Mr Wassmer is a senior executive Vice President with BDO Unibank and is a member of BDO`s Management Committee. Mr Wassmer also holds a number of other Directorship positions.
  • On 2 May 2012, Indophil held its Annual General Meeting and shareholders overwhelmingly supported all eight resolutions tabled. The resolutions included the ratification of the appointment of the three new directors since the 2011 AGM. Shareholders also provided their strong support for the Company`s plan to list on the Philippine Stock Exchange.
  • On 7 September 2012, Indophil announced a change of nominee director and Mr Wassmer stepped down from the Board and was replaced by Mr Frederic DyBuncio as a Non-Executive Director. Mr DyBuncio has substantial professional experience in the areas of credit, investment banking, capital markets and he has worked and lived in several major cities. Please refer to Indophil`s ASX announcement for the full details of Mr DyBuncio`s appointment and background.
  • On 27 March 2013, Indophil released its 2012 Financial Report and on 9 April, released its 2012 Annual Report and Notice of Annual General Meeting. The AGM will be held in Melbourne on 23 May.
  • Indophil held its Annual General Meeting in Melbourne on 23 May 2013 and all resolutions were overwhelmingly supported by shareholders, both at the meeting and by proxy.
  • On 12 August 2013, Indophil was advised by Sagittarius Mines Inc. (SMI) that the work plan for the Tampakan Project had been revised. The essence of this new plan is to secure crucial government support on key bottleneck issues prior to proceeding to final evaluation and possible development.
  • On 27 March 2014, the Company lodged its 2013 Annual Report with ASX and announced that its 2014 Annual General Meeting would be held in Melbourne on Thursday, 22 May 2014.
  • The Company held its 2014 Annual General Meeting in Melbourne on 22 May 2014. All resolutions were overwhelmingly supported by the Company's shareholders and the Results of the Meeting and the Chairman's Address were lodged with ASX on the day of the meeting.

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