- Posted May 15, 2012 by
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Nadecor And St. Augustine Complete Major Milestone: Submit Declaration of Mine Project Feasibility for King-king Project
The submission was announced by NADECOR director Conrado T. Calalang, who is past Chairman and leads an investor group that controls over 50% of the Company. Calalang stated, “We are delighted to have submitted the DMPF to the DENR and MGB, and are pleased with the successful completion of this major milestone, which will enable us, together with our partners St. Augustine, to accelerate the development of this flagship mining project, which will bring many benefits to the Philippines, particularly the Pantukan community and Compostela Valley Province.”
The DMPF was completed by NADECOR with its partner, St. Augustine, a mining company listed on the Toronto Stock Exchange. St. Augustine’s leadership team members have played key roles in developing and managing some of the largest mining projects in the world, including Grasberg in Indonesia (the largest open pit copper/gold mine in the world), Nchanga in Zambia (a world class copper deposit) and Mount Hope and Liberty in the US (two of the largest molybdenum projects in the world). St. Augustine’s major shareholders include global institutional investors Wellington, Franklin Templeton and Passport.
To date, St. Augustine has invested more than $70 million in the project and the DMPF, and has $16 million in cash resources. The next key step for the project is the Bankable Feasibility Study, which is targeted for completion later this year and will enable construction to begin in 2013. Once approved, the 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.
Calalang added, "We are very pleased with the support we have been receiving from all the government agencies, the community and the stakeholders in this project. This is a result of the Aquino administration's policy of encouraging the entry of responsible mining companies like NADECOR and St. Augustine into the industry, and we are committed to helping the Aquino administration achieve its development goals for the Filipino people."
Both companies have been passionate about helping the local communities in Pantukan, including the tribal minorities who comprise a sizable portion of the population. Partnerships with local government units have been actively pursued for the past year, focusing on health, education and livelihood concerns. There have also been joint initiatives with national government agencies, such as tree planting activities with the DENR and skills training with TESDA.