Australian mining firm Indophil Resources NL has committed to continue developing its Tampakan copper-gold project in the Philippines.

This is after the company and its potential partners from Chinese firm Zijin Corp. agreed to break the takeover agreement last week.

Melbourne-based Indophil Resources CEO Richard Laufmann said in a statement that they can now pursue new negotiations with other interested investors.

"This is very disappointing and a decision that was nit made easily by either party. However, given the lengthy delay of some months in securing Chinese provincial approval for their offer to Indophil, the circumstance gives Indophil a chance to reconsider other opportunities," Laufmann said in an issued statement.

He added: "Indophil remains committed to maximizing the return to shareholders from the Company's flagship asset, the Tampakan deposit."

The Tampakan Copper-Gold Project (Tampakan Project) is located approximately 50km north of General Santos City , a major growth centre on the southern Philippine island of Mindanao.

Data from the company indicated and inferred resource estimate, of 2.4 billion tonnes at 0.6% copper and 0.2 g/t gold at a 0.3% copper cut-off grade, carried out under JORC reporting guidelines, the Tampakan deposit represents the largest undeveloped copper-gold deposit in the South East Asia - Western Pacific Region.