Xstrata is extending its Indophil bid
Offer: The mining giant has extended its takeover bid
11 April 2012
Mining giant Xstrata has extended its A$540 million (£251.5million) takeover bid for Indophil Resources.
The Aussie firm is Xstrata's partner in Tampakan, a valuable but troubled copper project in the Philippines.
Its offer of A$1.28 cash a share was to close today, but has been extended for two weeks.
Xstrata is fighting off a rival bid by a consortium led by Indophil chief executive Richard Laufmann.
The £1.39billion project, Southeast Asia's largest untapped copper deposit, has 2.2billion tons of mineral resources containing 12.8million tons of copper and 15.2million ounces of gold.
