Kingking mine project gets new investor | Inquirer Business

Kingking mine project gets new investor

/ 02:52 AM June 06, 2012

Nationwide Development Corp. (Nadecor), claimant-owner and operator of the Kingking project in Compostela Valley, has sold 25 percent of its outstanding stock to a mining firm led by a senator’s son for P1.8 billion.

Nadecor president and CEO Jose P. de Jesus said the new investor subscribed to 30 million common shares of Nadecor, which holds a mining and production sharing agreement (MPSA) over a vast reserve of gold and copper deposits in Compostela Valley.

The new investor is a firm led by Manuel Paolo Villar, who is also president of housing developer Vista Land and Lifescapes. The investment agreement with Villar was ratified by the Nadecor board on June 1, according to a press statement.

This mining firm holds MPSA 009-92-XI covering 1,656 hectares of mining site in Barangay (village) Kingking, municipality of Pantukan, Compostela Valley province in Mindanao. The site is 92 kilometers northeast of Davao City.—Doris C. Dumlao

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TAGS: acquisition, Investments, investor, Manuel Paolo Villar, Mining and quarrying, stocks

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