SAGITTARIUS Mines Inc. is allotting up to $1 billion in putting up its dedicated 400-megawatt power plant for the Tampakan copper and gold mining site in South Cotabato in the Philippines. Peter Forrestal, president of Sagittarius Mines and executive general manager for project development of Xstrata Copper in the Asia-Pacific region, said their target is to have the coal-fired power plant operational by 2015 when the mining company hopes to begin production. Sagittarius is investing $5 billion for the Tampakan site, which is estimated to contain 13.5 million tons of copper and 15.8 million ounces of gold. Forrestal said an important component of the project is the dedicated power plant.
London-listed Xstrata, together with Indophil, owns a controlling 40-percent stake in Sagittarius Mines. Xstrata represents 62.5 percent of the 40-percent share, with the rest owned by Indophil.