Aluminum Corporation of China (Chinalco) is reportedly exploring a $2 billion stake in Indophil Resources Phils. This move aims to secure access to what could be the Philippines’ largest gold and copper mine, according to a Bloomberg News report.
Chinalco, a state-owned aluminum producer, is looking to enhance its global presence through this investment. Indophil Resources Phils. is the owner of Sagittarius Mines, which is developing the Tampakan copper-gold project, recognized as one of the world’s largest copper deposits, with production anticipated to commence in 2026.
The demand for copper is expected to escalate in the coming decades, driven by the global shift away from fossil fuels and the increasing use of electric vehicles, wind turbines, and batteries, all of which heavily rely on copper.
As of now, neither Chinalco nor Indophil has provided comments regarding the potential stake acquisition.