Indophil chiefs fight Xstrata

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Indophil chief executive Richard Laufmann today launched a A$540 million (£261.9 million) management buyout bid of his own, which made Xstrata's offer look miserly - 28% lower than the new offer.

At stake is Indophil's 32.5% share in the $3 billion (£1.53 billion) Tampakan mine venture in the Philippines, the largest untapped copper and gold deposit in Southeast Asia.

Xstrata manages the project with a 62.5% holding but wants to get its hands on the rest.

A final study of the project, which may produce 194,000 tons of copper and 213,000 ounces of gold annually over 25 years, is due to be completed by the second quarter of 2010.

But Indophil says that Xstrata is trying to get Tampakan on the cheap.

Xstrata's offer is "low-ball and grossly inadequate", chairman Brian Phillips said today in a statement. Xstrata would not comment, but some analysts are expecting it to come back with a new offer.

Copper assets have become highly prized as prices for the metal surge. They reached a record in April and producers are pursuing takeovers as the cheaper option to building new mines.