Aluminum Corporation of China (Chinalco) is said to eye a stake worth $2 billion in Indophil Resources Phils., in a bid to gain access to what could be the Philippines’ largest gold and copper mine, Bloomberg News reported on Friday.
The Chinese state-owned aluminum producer is considering the stake purchase from the Filipino firm to boost its global footprint, Bloomberg News said, citing people familiar with the matter.
Indophil Resources Phils. owns Sagittarius Mines, the project developer for the Tampakan copper-gold site, believed to be one of the world’s largest copper deposits once it starts production in 2026.
Copper demand is expected to surge over the next few decades as the world transitions away from fossil fuels for its energy needs, boosting the use of electric vehicles, wind turbines and batteries, all of which require the red metal.
Chinalco and Indophil could not immediately be reached for comment.
Reuters
