Friday, 17 September 2010

Tampakan to contribute $2.7b yearly to the economy

Elaine R. Alanguilan
Manila Standard

The $5.2-billion gold and copper project of Xstrata Plc and Indophil Resources Plc will contribute
$2.7 billion to the local economy annually, said Mark Williams, general manager of joint venture Sagittarius Mines Inc.

The government is projected to receive $5.8 billion in taxes during the life of the Tampakan mine, Williams said. The open-pit mine ban imposed by the South Cotabato province government remains “a major concern,” he said in a speech in Manila.

The Tampakan mine, which holds the largest untapped gold and copper deposit in Southeast Asia, is expected to contribute about 1 percent to the country’s economic output if it becomes operational in 2015.

Williams said Tampakan would contribute $40 billion in revenue over the life of the mine.

“The project, which has the potential to become the largest mine in the country and the fifth-largest copper mine in the world, could increase the country’s gross domestic product by an average of 1 percent per year for 25 years,” said Williams in his presentation at the mining conference Thursday.

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