Indophil says Glencore looking to quit $5.9 bln Tampakan project in Philippines

MANILA, Jan 30 (Reuters) - Glencore Xstrata Plc GLEN.L has indicated its preference to divest its stake in the $5.9 billion Tampakan copper-gold project in southern Philippines, its partner Indophil Resources IRN.AX said on Thursday.

"Glencore Xstrata has informed Indophil of its preference to divest its stake in Tampakan," Indophil said in a report to Australia's stock exchange.

No formal divestment process has begun but discussions have been ongoing regarding the matter, said Indophil, which holds a pre-emptive right over Glencore Xstrata's interest in the project.

A provincial ban on open-pit mining in place since 2010 has delayed Tampakan, a project that could be the biggest single foreign direct investment in the Philippines.

(Reporting by Erik dela Cruz; Editing by Muralikumar Anantharaman)

((enrico.delacruz@thomsonreuters.com)(+632 841-8934)(Reuters Messaging: enrico.delacruz.reuters.com@reuters.net))

Keywords: PHILIPPINES TAMPAKAN/GLENCORE