They’re now looking at vast gold and copper resources locked within the Tampakan mine in South Cotabato, whose development remains stalled even after a long-standing open-pit mining ban was lifted four years ago.
Bloomberg reported last year that the Chinese group Aluminum Corp. of China has been keen on the project, but discussions are no doubt complicated by ongoing tensions in the West Philippine Sea.
More recently, we heard a powerful tycoon in India has taken an interest in the Tampakan project, said to be the largest mine in the Philippines and one of the biggest in Southeast Asia once it’s fully developed.
With Tampakan’s development frozen, even tycoon Manuel V. Pangilinan’s (MVP) Philex Mining is leaping ahead with the expected opening of their Silangan mine early next year.
Stockbrokerage house CLSA is bullish on Philex’s prospects, raising the 12-month target price to P10 per share. (Philex was trading at P4.34 apiece when the report was released last month).
CLSA also expects the Padcal mine in Benguet to wind down by 2028, and MVP is surely eyeing opportunities beyond Silangan.
The Tampakan mining project, operated by Sagittarius Mines, is now controlled by the SM Group’s Sy family after Swiss mining and commodities giant Glencore exited a decade ago. Other important shareholders include the Consunjis of DMCI and the Alcantara family’s Alsons Group.
Is a deal looming? When the price is right, one can unearth some golden opportunities.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
