Philippines mines regulator approves $2 bln King-King copper-gold project

St Augustine Gold and Copper

07/01/2016 08:51

MANILA, Jan 7 (Reuters) - The Philippines' Mines and 
Geosciences Bureau (MGB) has given its approval for the $2 
billion King-King copper-gold mine project in the country's 
southern mining province of Compostela Valley, the agency's top 
official said on Thursday. 
    King-King, one of a few mining projects approved under the 
administration of President Benigno Aquino, is not covered by a 
local ban on new mineral agreements, which has been in place 
since 2011 pending the legislation of a new revenue sharing 
agreement between the government and miners. 
    Construction can start after the Filipino developer, 
Nationwide Development Corporation (Nadecor) has complied with 
certain conditions, MGB Director Leo Jasareno told Reuters. 
    King-King is an open-pit mine that could have an annual 
output of 138 million pounds of copper, about half a million 
ounces of silver, and more than 236,000 ounces of gold over a 
period of 22 years. 
    Toronto-listed St. Augustine Gold & Copper Ltd  SAU.TO  also 
has a stake in the project. 
 
 (Reporting by Erik dela Cruz; Editing by Sunil Nair) 
 ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters 
Messaging: enrico.delacruz.thomsonreuters.com@reuters.net)) 
 
Keywords: PHILIPPINES MINING/KINGKINGSAGC