Philippines says $2 bln King-King copper mine may get approval soon

St Augustine Gold and Copper

30/10/2015 07:34

MANILA, Oct 30 (Reuters) - The Philippines said on Friday it 
may soon allow development of the $2 billion King-King 
copper-gold project to proceed in the country's southern mining 
province of Compostela Valley. 
    A move to issue a "notice to proceed" would mark the first 
time the country has issued a permit to develop a new mine since 
2012, pending legislation to increase the government's share of 
mining revenues. 
    "We may be able to approve the DMPF (by) mid-November," 
Mines and Geosciences Bureau (MGB) Director Leo Jasareno said, 
referring to the developer's Declaration of Mining Project 
Feasibility. 
    He was speaking at an industry forum organised by the 
American Chamber of Commerce. 
    The open-pit mine 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. 
    The DMPF's approval means the Filipino-owned Nationwide 
Development Corporation (Nadecor), which holds the mining rights 
over King-King, can proceed to the development stage, he said. 
    Toronto-listed St Augustine Gold & Copper Ltd  SAU.TO  also 
has a stake in the project. 
    King-King is one of several major Philippine mining projects 
that are unaffected by a moratorium on approvals for new 
production because they were already in advanced stage before 
the ban took effect. 
 
 (Reporting by Erik dela Cruz; Editing by Ed Davies) 
 ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters 
Messaging: enrico.delacruz.thomsonreuters.com@reuters.net)) 
 
Keywords: PHILIPPINES MINING/KINGKING