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

Published 2015-10-30, 03:34 a/m
© Reuters. Philippines says $2 bln King-King copper mine may get approval soon

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.

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