The decision of President Rodrigo Roa Duterte to appoint Mark Villar has positively affected the Toronto-listed mining venture of the Villar family, resulting in an increase in share price of 20 percent.
St. Augustine Gold and Copper Ltd. has benefited from the recent Duterte-Villar alliance after a share price surge from 10 Canadian cents to 12 since the announcement. St. Augustine is the operator for the planned King-king gold-copper mine project in Compostela Valley.
The project is led by Manuel Paolo, Mark’s elder brother. Manuel stands as the chairman/president/chief executive of St. Augustine as well as the Vista Land president/chief executive.
According to Interaksyon, this recent alliance is considered to be the latest event that put St. Augustine's $2-billion, net present value venture, on track to producing cathode copper by 2018.
It was only before Christmas of last year that the project got the permit from Mines and Geosciences Bureau. It is considered to be one of the few mining projects that got its approval under the PNoy administration.
Even though the mining project is Toronto-listed, it will be having its annual stockholders' meeting at the Villars' Portofino Heights subdivision in Las Piñas. The next meeting will take place on June 24. Among the agenda to be discussed is the possibility of cross-listing the project in the Philippine Stock Exchange and future equity placements that will fund the construction of the mine's power plant and port.
In line with Mark’s appointment, it is also expected that the regulatory approvals for the 44.6-kilometer bypass circumferential road from Toril, Davao City to Panabo, Davao del Norte, will be hastened.
It has been reported that the approval for the said project has been held up by the "local government despite Regional Development Council already lining up the P16.8-billion highway for the 2017 budget.
This project is said to boost Vista Land's revenue streams in the next years.