It has taken 12 months, but Indophil has come good on its commitment to sell its 34.23 per cent in the massive Tampakan copper-gold project in The Philippines for at least $1.28 a share. For a long time it looked as if the company had little chance of achieving this outcome.
While Indophil and its adviser Gresham have done well to secure a cash offer of $1.28 a share from Zijin Mining, China's largest gold producer and third-largest copper producer, the fact is Indophil shareholders could have received the same price 15 months ago from the Anglo-Swiss giant Xstrata.
Xstrata, which is advised by Deutsche Bank, owns 62.5 per cent of Tampakan and is the operator.
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