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.