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| Index > Projects > Tampakan > Location and Tenure |
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The Tampakan Copper-Gold Project ("Tampakan Project") is located approximately 50km NNW of General Santos City, a major growth centre on the southern Philippines island of Mindanao (Figure 1). General Santos has a population of approximately 420,000 and is accessed by sealed highways, a major deep water port within Sarangani Bay and a modern international standard airport with the capacity to take the largest available commercial aircraft. The city is one of the largest tuna fishing ports in the world and an important centre for regional agriculture in the southern Philippines.
The current project area is situated on the tri-boundary of three Provinces, South Cotabato, Sultan Kudarat and Davao Del Sur. The Tampakan copper-gold deposit on which most of the Company's activity has been focused is located in the Province of South Cotabato, Municipality of Tampakan. It is accessed via 17 kms of gravel road from the township of Tampakan located adjacent to the well-paved highway linking General Santos with Marbel and Cotabato City. Access within the project area is via maintained gravel roads linking local communities.
Topographically, the project area is located at the southern end of the Central Mindanao Cordillera bound to the west by the Cotabato Basin and to the east by the Sarangani Basin, both relatively flat lying areas. Most of the project area covers generally accentuated topography with the Tampakan deposit located on a NNE trending ridge at an ASL varying from 1000-1300m. This ridge marks the catchment divide between the Pula Bato River to the west and the Tukay Mal and Bong Mal Rivers to he east. The Mt Matutum Volcano (2,293m) which last erupted over 2000 years ago, lies 12km south of the Tamapakan deposit.
Title to the Tampakan Project is held by Indophil under an FTAA with the Government of the Republic of the Philippines. This is a partnership which allows the Government to take a pre-determined share of project cash flow once development capital is paid back. FTAA's have a fixed term of 25 years and an option to extend for a further 25 years. The original title to the FTAA was granted to WMC Philippines Inc ("WMCP"). in March 1995 covering an area of approximately 900 square kilometers and has been subject to statutory reductions in area since that time. The title to the Tampakan FTAA was formally transferred to Indophil in August 2002 and is currently in its 10th year of the exploration period and covers an area of 288 square kilometers. A contiguous FTAA application (Hillcrest) covering an area of 259 square kilometers and an exploration permit application covering 53 square kilometers, form part of the project area (Figure 1)
Indophil is a Philippine incorporated and unlisted entity through which Indophil and its Philippine partners, Alsons Corporation ("Alsons") and the Tampakan Group of Companies ("TGC") hold their respective interests in the Project. The TGC were original claim owners that held preferential rights to the Tampakan Project area prior to the granting of the Tampakan FTAA. Indophil manages all Project activity with Indophil and its associates providing technical and financial assistance. Indophil presently holds 40 percent equity and through a series of agreements with that company has acquired rights in the Tampakan Project that entitle the Company to proceeds from future mine production less certain payments, dividends and royalties that equate to 1.5% of the gross income. Further, Indophil has also entered into an option agreement with Xstrata Queensland Limited ("Xstrata") that allows Xstrata to purchase a percentage of Indophil's rights in the Project for a pre-determined amount on completion of a preliminary feasibility study. If all parties exercise their respective rights the final beneficial ownership interest in the Project will be Xstrata 62.5%, Indophil 32.5% and Alsons 5%.
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| Disclaimer | © 2008 Indophil Resources NL |
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