Xstrata delays Philippines copper project by 3 years

Dec 13, 2012 | 06:06 PM | Shivani Singh

Tags  Xstrata, copper, gold, Tampakan, Philippines, South Cotabato, delay, Sagittarius Mines SMI

SINGAPORE — Sagittarius Mines Inc. (SMI), a Philippines-based subsidiary of Xstrata Plc, has delayed production targets by three years to 2019 at its Tampakan copper-gold project in the South Cotabato region.

The $5.9-billion Tampakan copper-gold operation has been hit by a local government ban on open-pit mining and delays in getting environmental clearance.

The company now hopes to start construction by 2015, two years later than originally scheduled, with commercial production planned for 2019 compared with an earlier estimate of 2016. ....

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