DAVAO CITY—A foreign mining firm that has tied up with a local company suffered a setback in its quest to extract gold and copper in Compostela Valley after it failed to get approval from the Mines and Geosciences Bureau (MGB).
Just this week, MGB Southern Mindanao director Edilberto Arreza said the bureau held in abeyance the approval of the declaration of mining project feasibility (DMPF) submitted by the foreign partner of Nationwide Development Corp. (Nadecor) for its project in Kingking in Pantukan, Compostela Valley.
US-based St. Augustine Gold and Copper Ltd. (SAGCL), Nadecor’s foreign partner, submitted its DMPF to MGB.
A DMPF attests to the competence of a mining firm and its ability to implement a mining project.
MGB told the foreign mining firm of its deficiencies in its DMPF that include the absence of incorporation papers filed at the MGB regional office.
MGB also ordered SAGCL to submit its general information sheet from the Securities and Exchange Commission.
On Tuesday, Arreza said another reason that MGB held the mining operations’ DMPF in abeyance was infighting between Nadecor and SAGCL.
He said each of the factions that claim ownership of the right to conduct mining in Kingking has submitted DMPFs.
“We did not want to be involved in the imbroglio within the mining company that’s why we decided to freeze (action on) the DMPFs,” he said.
Arreza said those claiming to be Nadecor owners should get their acts together and resolve their dispute before the MGB could act on any of the DMPFs.
Industry sources said Nadecor officials have been complaining of contractual breaches on the part of SAGCL. Judy Quiros, Inquirer Mindanao