Villar invests in Kingking mines

MANILA, Philippines - A mining firm led by Manuel Paolo Villar, son of Sen. Manuel Villar, has subscribed to 30 million common shares worth P1.8 billion in the Nationwide Development Corp. (Nadecor), according to Jose P. de Jesus, Nadecor president and CEO.  Nadecor holds a mining and production sharing agreement (MPSA) over a large reserve of gold and copper deposits in Compostela Valley.

The subscription represents 25 percent of the resulting outstanding capital stock of Nadecor.  The investment agreement was ratified by the Nadecor board of directors last June 1. Jose G. Ricafort, principal shareholder of Nadecor, said of the new investment into the mining firm:  “The entry of Mr. Villar into Nadecor greatly enhances the company’s ability to complete the development of the mining property – and we are well on our way to proceed with our production time table.”

Nadecor is the holder of MPSA 009-92-XI covering 1,656 hectares.  The mining site has an estimated gold deposits of 10.3 million ounces and copper deposits of 5.4 billion pounds.

The mining site is located in Barangay Kingking, municipality of Pantukan, Compostela Vally province in Mindanao, 92 kilometers northeast of Davao City.