Luzon Island, Philippines. Stock image.
Shares of St. Augustine Gold and Copper (TSX: SAU) rose at market open Thursday following the release of an updated preliminary feasibility study (PFS) for its flagship project in the Philippines that showcased its potential to be one of the world’s largest copper-gold producers.
The Kingking project, located in Pantukan, Davao de Oro, is projected to produce approximately 4.4 billion lb. of copper and 6.9 million oz. of gold over a 38-year life, according to the new report. Average production in the first five years is expected to be 284 million lb. copper and 333,000 oz. gold.
Michael Regino, chief operating officer of St. Augustine, stated in a press release that the PFS represents a long-awaited milestone for the greenfield project, especially in the context of recent changes to the Philippine mining regulatory structure, which he says “have paved the way…
