Xstrata mine in second attack - Business - Evening Standard
       

Xstrata mine in second attack

Rebels have attacked Xstrata's $3 billion (£1.5 billion) Tampakan copper mine in the Philippines for a second time.

The suspected communist group burned a drill rig and police are investigating, Xstrata's partner Indophil says. No one was injured.

The project, South-east Asia's largest untapped copper deposit, has 2.2 billion tons of mineral resources containing 12.8 million tons of copper and 15.2 million ounces of gold and may produce 194,000 tons of copper and 213,000 ounces of gold annually over 25 years.

The rebels, probably from the New People's Army, "tried to extort money from the owners of the mine, but they declined to pay the so-called revolutionary tax", Armand Rico, a military spokesman, said.

The Xstrata-Indophil Resources mine was the target of a similar attack in January.

Indophil has rejected an A$540 million (£262.4 million) offer from Xstrata, that owns 62.5% of the project, as too low.

Indophil says it is confident that the London-listed Xstrata will improve its bid.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity