MANILA, Sept 21 (Reuters) - South Africa's Gold Fields Ltd could invest up to $2 billion to develop a gold and copper prospect in the Philippines, a government official said on Wednesday, although the company said it was far too early for such estimates. Gold Fields, the world's fourth-largest gold producer, said on Wednesday it had made a $66 million downpayment for an option to acquire a 60 percent interest in the undeveloped Far Southeast gold-copper project. "Their initial disclosure to us, assuming the due diligence is successful, they are looking at $1.8 billion to $2.0 billion investment budget," said Leo Jasareno, director of state agency Mines and Geosciences Bureau. That cost covered exploration to full development, he said. A Gold Fields spokesman in Johannesburg said it was "far too early" to begin allocating a budget or estimating costs for the project, not least because the company has not yet decided if it will exercise the option or not. Gold Fields entered into option agreements a year ago with the Philippines' Lepanto Consolidated Mining Co and Liberty Express Assets to buy 60 percent of the project. The option price was $340 million, which included the downpayment and the $54 million Gold Fields previously paid. Under the deal, Gold Fields has until March 2012 to conduct a drilling programme as part of a feasibility study.

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