The Mines and Geosciences Bureau said over the weekend it might approve within this month the feasibility study of US miner St. Augustine Gold and Copper Ltd. for its King-king Copper Gold Project in Pantukan, Compostella Valley.
“The [feasibility study] of King-king is currently at MGB right now for final evaluation. We might release it next week,” said MGB director Leo Jasareno.
St. Augustine is the developer of the $2-billion mining project, while local partner Nationwide Development Corp. holds the mineral production sharing agreement over the King-king mine.
The MGB in 2013 suspended the evaluation of the company’s feasibility study amid a corporate dispute.
Two groups—the Calalang family and the Ricafort faction—are contesting the management of Nadecor.
Corazon Ricafort and her children claimed they were deprived of their right to vote during the annual stockholders’ meeting on August 15, 2011.
Conrado Calalang, however, said Corazon’s husband was present during the meeting and signed the attendance sheet on their behalf.
The Court of Appeals in a decision in February declared the August 15, 2011 election of the Calalang group to the board of directors of Nadecor valid.
The court’s ruling empowered the current board of directors led by Calalang to act on behalf of Nadecor.
“The MGB will give the authority to Nadecor so their dispute is internal to them. We are not giving the authority to board 1 or board 2 but to Nadecor,” Jasareno said.
“Once the authority to mine is given… they have to put their act together, otherwise the project will not move. The authority to mine should be an inspiration for them to act together and mend their fences,” added Jasareno.
The King-king mine is estimated to recover 3.16 billion pounds of copper and 5.43 million ounces of gold over a 25-year mine and process life.
