Mines Bureau says $2-B King-King copper mine may get approval soon

The Mines and Geosciences Bureau (MGB) 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," MGB Director Leo Jasareno said, referring to the developer's Declaration of Mining Project Feasibility.

 

He was speaking at an industry forum organized 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. 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. – Reuters