MANILA, Philippines - Nationwide Development Corp. (Nadecor) announced that the Court of Appeals had granted a writ of preliminary injunction that restored the board elected by 95 percent of shareholders on Aug. 15, 2011 and led by Conrado T. Calalang, who is past chairman and backed by an investor group that controls over 50 percent of the company.
The injunction also enjoined the attempts by the old Board to rescind the joint venture agreement between Nadecor and St. Augustine, and to issue new shares, without proper board and shareholder approvals.
Calalang stated: “We are pleased that the Court of Appeals has upheld our position. This decision will enable us, together with our partner St. Augustine, to accelerate the development of our flagship King-king mining project, which will bring many benefits to the Philippines, particularly the Pantukan community in Mindanao. Nadecor is committed to building a world-class mining project that will be a model of responsible mining, will provide long-term economic benefits and jobs, will be sensitive and responsive to social and community needs, and will exceed environmental and safety standards.”
Tom Henderson, COO of St. Augustine (a mining company listed on the Toronto Stock Exchange) added: “We are pleased with the court’s ruling, which provides a clear direction for our partner Nadecor, and strengthens investor confidence in the Philippines. To date our company has invested over $70 million in the project and for the completion of the critical Declaration of mine project Feasibility (DMPF) application, which Nadecor successfully submitted to the Department of Environment and Natural Resources (DENR) and Mines and Geosciences Bureau (MGB) in May.”
Henderson concluded: “The next key step for the King-king project is the bankable feasibility study, which is targeted for completion later this year and will enable construction to begin in 2013. Once approved, the project will generate high paying jobs for the residents of Pantukan and nearby communities in Compostela Valley, including more than 4,000 jobs during construction and 2,000 careers during operation.”
St. Augustine’s leadership team members have played key roles in developing and managing some of the largest mining projects in the world, including Grasberg in Indonesia (the largest open pit copper/gold mine in the world), Nchanga in Zambia (a world class copper deposit) and Mount Hope and Liberty in the US (two of the largest molybdenum projects in the world). St. Augustine’s major shareholders include global institutional investors Wellington, Franklin Templeton and Passport.