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Kingking Copper-Gold Project Updated Preliminary Feasibility Study
PHILIPPINES – St. Augustine Gold and Copper Limited reported on the updated Preliminary Feasibility Study (PFS) of the Kingking Copper-Gold Project located in Pantukan, Davao de Oro, Philippines. The updated Pre-Feasibility Study allows the Company to initiate work on the Definitive Feasibility Study and expedite the start of construction. The results of the PFS demonstrate extremely robust economics, generating an estimated post-tax net present value (NPV) of $4.18 billion and internal rate of return (IRR) of 34.2%. The benefit-cost ratio (BCR) is 1.8.1
Michael G. Regino, Chief Operating Officer, said, “The update to the Pre-Feasibility Study for Kingking is a long-awaited milestone for our shareholders, especially in the context of recent changes to the Philippine mining regulatory structure which have paved the way for a world class project development. The benefit of the project to the Philippine economy as well as the local communities cannot be overstated. The location in Southeast Asia is enviable with direct ship access to the largest copper market on earth. We look forward to participating in these critical metals supply chains.
The first 5 years of Kingking gold production will make it one of the top 25 worldwide gold producers at more than 333,000 oz per year, excluding its substantial copper production. The combined copper and gold production brings Kingking into the top 10 copper producing mines on a copper equivalent basis at more than 204,000 equivalent tonnes per year.”
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