The asset is expected to become the largest mine in the Philippines upon its projected startup in 2026.
The Sy family, a prominent economic force in the Philippines, is the Tampakan project’s majority shareholder.
The family controls a significant portion of mining assets through its conglomerate, SM Investments. It also holds a minority stake in Atlas Consolidated Mining & Development, which operates a copper mine in Cebu.
While the ban was lifted in 2021, the project’s development has still been slow. However, the Philippine government under President Ferdinand Marcos Jr. is now focusing on revitalizing the mining sector to support economic growth.
Still, ongoing discussions surrounding Chinalco’s involvement in Tampakan are sensitive, and could be affected by geopolitical issues, notably tensions between China and the Philippines over the South China Sea.
At this point, neither Chinalco nor Indophil has confirmed the specifics of the deal. Sagittarius Mines, which is owned by Indophil and is the developer of Tampakan, has also not commented.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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