TSX-listed St Augustine Gold and Copper (SAGC) on Monday reported that its joint-venture (JV) partner Nationwide Development Corporation (Nadecor) has received a renewed mineral production sharing agreement (MPSA) from the Philippine Mines and Geosciences Bureau (MGB) for the King-king copper/gold project, located in Mindanao.
According to Hong Kong-based St Augustine, the 25-year MPSA was an agreement under which the Philippine government granted an exclusive right to conduct mining activities within the contract area and the government received a share of the gross revenues of the mine operations.
