The Tampakan project is located on the southern Philippines island of Mindanao, approximately 65 kilometres north of General Santos City. The current project area is situated on the tri-boundary of three Provinces, South Cotabato, Sultan Kudarat and Davao Del Sur.

On March 30, 2007, Xstrata Copper assumed management control of the Tampakan copper-gold project through its Philippine-based subsidiary Sagittarius Mines, Inc (SMI).

The project has a Measured, Indicated and Inferred Resource estimate of 2.940 billion tonnes at an average grade of 0.51% copper and 0.19 grams per tonne gold using a 0.2% copper cut-off grade. Contained resources comprise 15.0 million tonnes of copper and 17.9 million ounces of gold.

The project’s Mining Project Feasibility Study, submitted to the Philippine government for review in April 2010, outlines a potential operation with an annual average production of 375,000 tonnes of copper and 360,000 ounces of gold over an initial 17 year mine life.

The Environmental Impact Assessment (EIA) for the proposed mining operation was completed in December 2010 and is expected to be submitted to the Philippine government in late 2011 following an extensive stakeholder consultation program that commenced in June 2011.

Separate EIAs for off-site infrastructure, including a port facility, power station, transmission lins and concentrate pipeline, are expected to be completed in 2012.

Brief History of the Operation

Mineralisation at Tampakan was discovered in the 1980s by the Tampakan Group and Xstrata acquired its option in Tampakan through its purchase of MIM Holdings in 2003.