(Bloomberg) — Aluminum Corp. of China is considering investing in what is set to be the Philippines’ largest gold and copper mine as part of its efforts to boost its global footprint, according to people familiar with the matter.
The state-run Chinese company known as Chinalco may acquire a stake worth around $2 billion in Indophil Resources Phils. Inc., which owns Sagittarius Mines Inc., the people said, asking not to be identified because discussions are private.
Sagittarius Mines is the developer of the Tampakan project in the southern island of Mindanao. The Sy family – among the Philippines’ richest clans – is the majority shareholder in the Tampakan project, the people said. Once production begins, a target currently set for 2026, it will be the largest mine in the Philippines.
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