Indophil says raises stake in Tampakan mine

ABS-CBN News

Posted at Jun 23 2008 10:30 AM | Updated as of Jun 23 2008 06:30 PM

Reuters

SYDNEY - Australian-listed Indophil Resources, the target of competing takeover bids, has lifted its stake in the Tampakan copper and gold mine in the Philippines by 1.73 percent, the firm said on Monday.

Indophil is looking to increase its stake in the mine to 37.5 percent. It said it now has 34.23 percent, compared with Xstrata's 62.5 percent interest.

Xstrata is looking to take control of Indophil and on Sunday increased its bid to match a rival consortium bid.