A Korean investor with local partners in Sultan Kudarat started mining exploration in barangay Kinayao, Bagumbayan town within the 4,500 hectares with approved mineral production sharing agreement (MSPA) issued to FADICASU.
The partnership was registered under FMC & GRCO Fadicasu Mining Corp & General Resources Co. Ltd.
The corporation's operation manager, Rudolf Joseph C. Lopez said Fadicasu Mining Corp is the Filipino partner while General Resources Co., Ltd. is the Korean investor.
Fadicasu represents the name of the Filipino shareholders that all reside in Bagumbayan namely Faducan, Dida, Caspe and Subere.
Although the MSPA was approved in 1998, the exploration only started May 2008 and work is already into its 600 meters depth drilling of 10 holes.
Mineral deposits within the Daguma Range are copper and gold but the resource is more of copper with the gold deposits of 22 K.
Drilling has to go down to 2,000 meters to determine the volume of the reserves which is expected to be complete by December this year with 100 holes.
With an initial investments of over P100 million, the company plan to put up processing plant in the area only after determining the volume because what they will ship to Korea are copper concentrate.
Within the Damuga Range are about 11 MPSA holders and for the whole of Sultan Kuradat some 50 of them including mineral tenements were issued same agreement.
Like in any other mining explorations there are issues raised and one of this is the siltation in the Allah River, the threat to landslide and other related issues.
But the company officer said prior to their entry in the area siltation is already present and the threat to landslide is outside of the approved MPSA.
However. he said they are closely cooperating with the local government unit because they have the responsibility to play in relation to their investment in the area.
Both sector agreed to forge an agreement on how to handle the issues even as the pr
government is supporting investors like this company because it is the only foreign investor in the province.
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