Benguet Corp. has suspended all activities in its Kingking copper-gold project in Pantukan, Compostela Valley.
This was disclosed to the Philippine Stock Exchange yesterday by Benguet as it explained that the suspension would be in effect until a dispute with its mineral production sharing agreement (MPSA) co-contractor Nationwide Development Corp. (Nadecor) is resolved.
According to Benguet, “the suspension is intended to give the company relief from the effects of the pending dispute which frustrates the performance of its obligations under the MPSA, while the parties are exploring possible resolution.”
Benguet said it remains committed to developing the Kingking project and is prepared to resume its activities “as soon as possible.”
Nadecor filed last year a complaint with the Department of Environment and Natural Resources seeking the removal of Benguet as operator of the Kingking project.
Nadecor, along with a few other minority shareholders of Benguet, have been questioning the failure of Benguet to disclose certain financial transactions. These include the arrangements for a financial advisor and negotiations for an investor in the Kingking project.
The Kingking project is located in the eastern part of Mindanao, approximately 20 kilometers northeast of Pantukan, Compostela Valley. It is a gold-rich copper porphyry deposit with total resource estimated at approximately 350 million tons.
The property has an approved MPSA with the government and has the most advanced level of geological information.
It has been identified as one of the top 10 priority mining projects of the DENR.–Marianne V. Go, Philippine Star
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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