We're in this together, King-king partners tell LGUs

MANILA, Philippines - St. Augustine Gold & Copper Ltd. (SAGCL) executives and representatives of the new Nadecor board are sending a clear message to local government and community leaders in the Pantukan area of Compostela Valley Province: They are working together to develop the world-class King-king copper/gold deposit near Davao City on the island of Mindanao. The partners say they look forward to building a premier mining project that will bring significant social and economic benefits to the Philippines and to Pantukan.

Once approved, the King-king project will generate high-paying jobs for the residents of Pantukan and nearby communities, including more than 4,000 jobs during construction and 2,000 careers during operation.

SAGCL chief operating officer Tom Henderson, new Nadecor president Conrado T. Calalang and Nadecor chief operating officer Leo Netorreda met with local municipal councils and barangay captains recently to ensure them that the project is moving ahead.

This is the first time that SAGCL and Nadecor executives have met with government and communtiy leaders together. 

“We think it’s important that local leaders see that we are united on this project and united on our commitment to the community. Despite some recent internal differences within Nadecor, St. Augustine remains their partner in developing this flagship mining project,” Henderson said.

Calalang added: “We have reaffirmed that St. Augustine remains Nadecor’s partner in developing this flagship mining project, and are keen to take it to production with them as soon as possible.”

St. Augustine Gold & Copper successfully fulfilled its commitment to complete the declaration of mine project feasibility (DMPF) for the King-king project. Nadecor, SAGCL’s partner on the project and party to the mineral production sharing agreement with the Philippine government, submitted the DMPF to the Department of Environment and Natural Resources and the Mines and Geosciences Bureau for review and approval just last month.

St. Augustine Gold & Copper Ltd. has invested nearly $75 million to date. This includes funding and supporting a number of community education, medical and environmental programs.

The next step in developing the King-king mine is the bankable feasibility study (BFS). Significant progress has been made toward completing the BFS that will enable construction to begin in 2013.