Speaking at the Asia Mining Congress in Singapore, Sagittarius Mines, Inc. (SMI) General Manager f...
Speaking at the Asia Mining Congress in Singapore, Sagittarius Mines, Inc. (SMI) General Manager for Operations and External Relations Mark Williams said that SMI’s Tampakan Copper-Gold Project represents an unprecedented opportunity for the Philippines.
Located in the southern Philippine island of Mindanao, the Tampakan Copper-Gold Project represents the largest undeveloped copper-gold deposits in south-east Asia. If developed, themine could be the largest in the Philippines and among the largest copper mines in the world. Current estimates indicate it could yield an average of 375,000 tonnes of copper and 360,000
ounces of gold per year over a 17 year life of mine.
The project is being managed by Xstrata Copper, the fourth largest global copper producer, through its Philippine-based affiliate Sagittarius Mines, Inc. SMI is a contractor of the Philippine Government under the terms of a Financial and Technical Assistance Agreement (FTAA).
“If developed, the Tampakan Project, will generate significant economic benefits that will stimulate the Philippine economy and will be potentially life changing for many Filipinos,” said Mr. Williams.
“With a required capital investment of US$5.9 billion, the Tampakan Project would be thelargest foreign direct investment in the Philippines.”
“It is estimated that the Project would contribute an average of 1% of the annual gross domestic product for the Philippines, and provide around 10,000 jobs during construction, and approximately 2,000 during operation.”
“Through facilitating local recruitment and training opportunities, local procurement, and theimplementation of community development programs, SMI intends to maximise economic benefits for local communities,” said Williams.
SMI is currently finalizing its Environmental and Social Impacts Assessment for the proposed mine. Further environmental studies are underway for the associated infrastructure which includes a 500 megawatt power station, port, a copper-gold concentrate pipeline and power transmission lines.
Subject to all necessary community, government and shareholder approvals, SMI expects to commence operation by the end of 2016.
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