Korean-Filipino mining partnership starts exploration in Sultan Kudarat
September 21st, 2008 | by mantrionline |A Korean investor with local partners in Sultan Kudarat started mining exploration in barangay Kinayao, Bagumbayan town within the 4,500 hectares with approved mineral production sharing agreement (MSPA) issued to FADICASU.
The partnership was registered under FMC & GRCO Fadicasu Mining Corp & General Resources Co. Ltd.
In an interview with the Corporation’s operation manager, Rudolf Joseph C. Lopez, he said Fadicasu Mining Corp is the Filipino partner while General Resources Co., Ltd. is the Korean investor.
He said Fadicasu represents the name of the shareholders that all reside in Bagumbayan namely Faducan, Dida, Caspe and Subere.
Although the MSPA was approved in 1998, the exploration only started May 2008 and as of this writing are already into its 600 meters depth drilling of 10 holes.
Mineral deposits within the Daguma Range are copper and gold but the resource is more of copper with the gold deposits of 22 K.
He said they still need to go down to 2,000 meters of drilling to determine the volume of the reserves and they expect to hit their target by December this year with 100 holes.
With an initial investments of over P100 million, the company plan to put up processing plant in the area only after determining the volume because what they will ship to Korea are copper concentrate.
Within the Damuga Range he said are about 11 MPSA holders and that for the whole of Sultan Kuradat there are some 50 of them including mineral tenements which were issued same agreement.
Like in any other mining explorations he admitted that there are issues raised and in their case these are siltation of the Allah River, the threat to landslide and other related issues.
Lopez said prior to their entry in the area siltation is already present and the threat to landslide is outside of the approved MPSA.
However. he said they are closely cooperating with the local government unit because they have the responsibility to play in relation to their investment in the area.
In fact a workshop will be held on September 22 for both their company and the local government unit to forge agreements on how to handle the problem.
“And besides, the provincial government is supporting investors like our company because it is the only foreign investor in the province,” he added.
