04 Feb 2014
Written by Lenie Lectura
04 Feb 2014
ALSONS Energy Development Corp. (AED), a subsidiary of Alcantara-led Alsons Consolidated Resources Inc., is still keen on putting up a 400-megawatt (MW) power plant to serve electricity requirements of the Tampakan copper-gold mine in South Cotabato.
“While recent development may have resulted in the delay of the commencement of the Tampakan project, we anticipate that the Tampakan mine will eventually commence operating in the future,” Alsons Executive Vice President Tirso Santillan said.
Santillan stressed that the power project is dependent on the mining project.
“The further development of the prospective 400-MW power station to service the Tampakan mine project is, of course, contingent on the mining project pushing through,” he added.
The AED official is referring to earlier reports that Glencore Xstrata plans to sell its majority stake in the $5.9-billion Tampakan copper and gold project.
Last week Glencore informed Indophil, its partner in the long-delayed Philippines joint venture, of its plans to divest its stake in Tampakan because it was not keen on developing a greenfield project.
The Tampakan mine project is considered a greenfield project because it has yet to reach the production stage.
Glencore currently holds 62.5 percent in Tampakan operator Sagittarius Mines Inc., while Indophil holds a 27.5-percent stake.
In March last year Alsons signed a supply agreement with subsidiary Sagittarius Mine Inc. (SMI). Under the agreement, Alsons Energy will develop an open-cycle gas turbine and coal-fired power station. The facility is expected to start generating power by 2017 but it will only be fully operational by the middle of 2019. source
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