Sagittarius Mines, the company behind the Tampakan copper-gold project in the Philippines, is actively searching for a strategic partner to assist in its development.
The company’s CEO, Roy Deveraturda, has expressed interest in a partner that can provide “modern technology” to support the project’s advancement, reported Bloomberg.
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The Tampakan copper-gold project is set to become the Philippines’ largest gold and copper mine. Situated on the southern Mindanao Island, it is expected to produce approximately 375,000 tonnes (t) of copper and 360,000oz of gold in concentrate annually over a period of 17 years.
However, the commencement of production at the mine has been postponed until 2028, a delay of two years from the original schedule.
Despite reports from Bloomberg News last year that Aluminum Corp. of China was contemplating a $2bn (Y305.17bn) investment in Sagittarius Mines’ owner Indophil Resources, Deveraturda has stated that he is unaware of any interest from the state-run Chinese company.
His current focus remains on developing the mine, which is under construction.
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By GlobalDataThe Tampakan project, initially discovered three decades ago, has faced several setbacks.
Glencore withdrew from the project in 2015 and regulatory challenges have persisted, including a ban on open-pit mining in the Philippines, which was lifted in 2021.
Efforts to revitalise the Philippine mining sector have been bolstered by President Ferdinand Marcos Jr, who took office in 2022.
A new taxation law signed last month has been embraced by the industry as a potential catalyst for investment.
The news agency cited President Marcos at a mining conference as saying: “The wealth from our soil should translate into schools for our children, hospitals for families and roads that link people with opportunities.”
In contrast to its resource-abundant neighbouring countries, only a small portion of the Philippines’ nine million hectares, identified by the government as rich in mineral reserves, is currently being mined.
However, initiatives are in progress to attract more investors to these untapped areas.
According to Environment Undersecretary Carlos Primo David, the government is preparing to auction mining assets, aiming to select not only advantageous offers but also competent operating companies.
