Information for this section will be available as the study work program progresses under the management of Xstrata Copper.

In April 2009, the Extended Pre-Feasibility Study on the Tampakan Project was completed. This was supplemented by a Mineral Resource upgrade announced by Xstrata and Indophil on 20 October 2009.

The key findings on a 100% basis were:

• Confirmation of a world-class, large-scale project with a 2.4 billion tonnes Mineral Resource base.
  
• Open pit mining with land-based waste rock and tailings storage.
  
• A proposed stage one mining and milling rate of 44 million tonnes per annum, leading into a stage two rate of 66 million tonnes per annum after three years. This stage two rate is more than double the rate proposed in the September 2006 Pre-Feasibility Study conducted by Indophil.
  
• An initial milling recovery rate of 83-90% for copper and 60-80% for gold, with scope for improvement.
  
• A concentrate grade of 37-34% copper.

Following completion of the extended pre-feasibility study, the Mine Project Feasibility Study (MPFS) commenced in 2009.

Bechtel, a global engineering and construction company, was engaged as the lead engineer for this study under the global alliance with Xstrata Copper. This study was completed and submitted to the Philippine Government`s Mines and Geosciences Bureau (MGB) for review. To date, the MGB has found the study to be technically comprehensive.

The MPFS outlines a proposed mining operation that involves:

• A 17-year life-of-mine, with the potential for extension;
  
• A start-up mining and milling capacity of 66Mtpa, compared to the previous estimate of 44Mtpa;
  
• Average planned annual copper production of 450,000 tonnes and annual gold production of 435,000 ounces over the first five years of operation;
  
• An average life-of-mine copper production rate of 375,000 tonnes per year, compared to the previous estimated annual average of 340,000 tonnes;
  
• An average life-of-mine gold production rate of 360,000 ounces per year compared to the previous estimated annual average of 350,000 ounces; and
  
• A development cost of US$5.9 billion, including the provision of US$900 million for a dedicated power station.