Indophil raises A$183.3 million
- Publishing Date
- 13 Jul 2011 10:50am GMT
- Author
- Mining Journal
Indophil Resources NL has raised A$34.8 million (US$36 million) via the retail component of an entitlement offer.
In total the company received A$183.3 million from the entitlement offer and institutional placement, first announced in June.
Indophil owns a third of the US$5.2 billion Tampakan copper project in the Philippines. Xstrata plc owns the rest.
The company said the funds would enable it to contribute towards the completion of the environmental and social-impact studies.
A feasibility study was submitted to the Philippines government in April 2010 and a final investment decision is expected during 2012, with first production potentially in 2016.
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