Third time lucky

Indophil Resources has signed an agreement to sell its about one third stake in the Tampakan copper/gold project in The Philippines, and will be hoping it's a case of third time lucky.

The Melbourne-based mining investor said on Monday it had signed a memorandum of intent with the wealthy Alsons family of The Philippines, who have agreed to pay the equivalent of $1.28 a share for the 34.3 per cent stake in the deposit.

Quite how the deal will be structured has not been revealed, but the sale price is crucial as this was the level at which both the Stanhill consortium, which included the Alsons family, and Xstrata made competing takeover offers.

That auction unravelled after Xstrata withdrew and Stanhill let its offer lapse because Xstrata held a blocking stake.

The sale of the direct interest in the mine is subject to approval from shareholders, with 50 per cent approval needed, making it less likely that Xstrata, the majority owner and operator the mine, can block the deal and move to full ownership of Tampakan on its own terms.

Alsons is receiving funding support from the Hong Kong trading group and merchant bank Crosby Partners, which was one of its partners in the Stanhill consortium.

Gresham Partners is advising Indophil, whose share price has been trading at around 90 cents in recent days.