By Robb M. Stewart
MELBOURNE--Xstrata PLC (XTA.LN) is reviewing a number of
projects in its portfolio, including its majority-owned Frieda
River copper project in Papua New Guinea, Frieda River partner
Highlands Pacific Ltd. (HIG.AU) said Thursday.
The ASX-listed company in a statement said Xstrata has confirmed
it is committed to completing a feasibility study for Frieda River
by December.
"Recently Xstrata Copper has advised that it has commenced a
market evaluation of a number of the projects in its portfolio,
including Frieda River," Highlands said.
Xstrata is the manager and 82% owner of the Frieda River
project, with Highlands holding the remainder. A prefeasibility
study in 2010 indicated the project could support a mine producing
246,000 metric tons of copper and 379,000 ounces of gold a year for
the first eight years.
A spokeswoman for Xstrata's copper division in Australia wasn't
immediately available for comment.
Write to Robb M. Stewart at robb.stewart@wsj.com