Villar son hikes stake in King-King mining project

ABS-CBN News

Posted at Oct 17 2012 02:22 PM | Updated as of Oct 17 2012 10:22 PM

MANILA, Philippines - Paolo Villar, son of Senator Manny Villar, is boosting his stake in the King-King mining project in Davao.

The King-King project, considered to be one of the largest undeveloped copper-gold deposits in the world, is a joint venture between Nationwide Development Corporation and St. Augustine Gold and Copper Limited. 

Villar had initially invested in the project by acquiring a 25% stake for P1.8 billion in Nadecor through his wholly-owned mining company, Queensberry Mining and Development Corporation. 

Now, with a strategic partnership with St. Augustine, Queensberry will acquire up to approximately 23.7% of St. Augustine through option agreements and a private placement valued at about CND$34 million. This is still subject to approval by the Toronto Stock Exchange.

In a statement, Villar said he is excited to have formed a strategic partnership with St. Augustine, which has a strong and proven track record in mining.

Andrew J. Russell, president and CEO of St. Augustine, said, "We greatly welcome the involvement of Queensberry in St. Augustine and believe that it is a very positive development for the Company. We are confident that (this) will assist St. Augustine move the King-King project forward over the coming months and years for the benefit of all stakeholders in the project."

Villar, who is currently President and CEO of listed property firm Vista Land and Lifescapes, Inc., said he is continuing to diversify his personal investments to include water and power. 

"The Philippines this year is one of the region’s best-performing countries in terms of GDP growth and stock market performance. I believe it is currently one of the most attractive investment destinations with fantastic opportunities in many sectors," he said.