MGB approves DMPF for Kingking gold project in Compostela Valley
The Mines and Geosciences Bureau (MGB) has approved the Declaration of Mining Project Feasibility (DMPF) for the Kingking copper-gold project in Compostela Valley.
READ: Operations at Kingking mine seen to start in 2017
The approval of the DMPF was the last major hurdle in the permitting process for a mining operation, St. Augustine Gold and Copper Ltd. (SAGCL) said in a statement.
The Villar-led SAGCL said the approval was awarded to its joint-venture partner Nationwide Development Corp. (Nadecor).
READ: Villar firm invests P1.8B in Kingking gold project
Nadecor expects to extract from Kingking 3.16 billion pounds of copper and 5.43 million ounces of gold over 25 years.
Article continues after this advertisementBased on a preliminary feasibility study from 2013, the net present value of Kingking’s mineral reserves was pegged at $2 billion. RAM
