St Augustine Gold & Copper has received confirmation from its partner, Nationwide Development Corporation (NADECOR), that it will continue working for the development of the King-King project. During the last few months, internal issues at NADECOR have complicated the partnership’s current agreement, causing St Augustine to ask for clarification of the standing agreement terms.
NADECOR has now issued a press release and communicated with St Augustine as to its intention to continue in the working partnership for the project.
“We are pleased that the Court of Appeals writ of preliminary injunction has upheld our position. This decision will enable us, together with our partner St Augustine, to accelerate the development of our flagship King-king mining project, which will bring many benefits to the Philippines, particularly the Pantukan community in Mindanao,” said NADECOR’s president Conrado Calalang.
St Augustine’s management has also welcomed NADECOR’s confirmation that the company is in full compliance and good standing under the current agreements.
The King-King project is in southeast Mindanao Island, 35km east of Davao City and 13km from the coast. It is one of the largest undeveloped copper-gold deposits in the world, with a measured and indicated mineral resource of 962.3 million tonnes at 0.25% total copper, 0.06% soluble copper, and 0.33 grams/tonne gold, consisting of 5.4 billion pounds of contained copper and 10.3 million troy ounces of contained gold. It is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau.
St Augustine and NADECOR are working to advance the project as quickly as possible. The companies have submitted declaration of mine plan feasibility (DMPF) and an environmental impact study (EIS) to the Philippines’ Environment and Natural Resources department and Geosciences Bureau for approval.
St Augustine’s chief executive officer Andrew Russell says a bankable feasibility study will coincide with the expected receipt of approved permits during the next month.