Chinalco Reportedly Considering $2 Billion Stake in Philippines’ Largest Copper-Gold Project

Aluminum Corporation of China (Chinalco), a state-owned enterprise, is reportedly exploring a $2 billion investment in Indophil Resources Phils., according to Bloomberg News. This potential stake would grant Chinalco access to the Tampakan copper-gold site, which could become the Philippines' largest mine of its kind. Indophil Resources Phils. owns Sagittarius Mines, the developer behind the Tampakan project, which is projected to start production in 2026. Once operational, the site is expected to rank among the world's largest copper deposits.

The interest in copper is being driven by the anticipated increase in demand as the global energy sector shifts away from fossil fuels. Copper is a critical component in electric vehicles, wind turbines, and batteries, all of which are essential for the green energy transition.

Neither Chinalco nor Indophil Resources Phils. have yet commented on the reported discussions.