The KingKing porphyry copper-gold property in the Philippines will soon be in the hands of Echo Bay Mines (TSE) and TVI Pacific (ASE).
The former will be the operator, with a 75% interest, while the latter will hold the remainder.
Situated on the southeastern portion of Mindanao Island, KingKing has a geological resource of 350 million tons containing 5.3 million oz. gold and 3.1 billion lb. of copper.
The deposit is open at depth, and also to the west where drilling indicates material richer in gold and leaner in copper.
A prefeasibility study by former owner Benguet (NYSE) recommends open-pit mining followed by processing and solvent extraction-electrowinning, although alternative methods are being considered.
If the project goes to production, Benguet can opt to buy back 20%. Another Philippine company, National Development, holds a royalty on the property, entitling it to a percentage of the net smelter return.
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