A Korean company has joined local investors in exploring a 4,500-hectare mining site in the Daguma range in Kinayao, Bagumbayan, Sultan Kudarat.

Rudolf Joseph C. Lopez, operations manager of the venture, said Fadicasu Mining Corp., a local firm, and General Resources Co. Ltd. of South Korea secured a mineral production sharing agreement in 1998 but exploration started only in May.

Drilling, he added, would go down to 2,000 meters from the current 600 meters to assess the volume of the minerals — copper and gold, based on the initial study — in the area.

Mr. Lopez was among the mining industry executives and technical staff, as well government officials, who participated in the two-day Mindanao mining summit that ended here Friday afternoon.

The joint venture is setting aside P100 million as initial investment, although Mr. Lopez said the amount could grow in the coming years, depending on the potential of the mining area.

He added that the joint venture was determined to proceed with the project and help the communities within the area even after it has been blamed for the siltation in Allah Valley.

The Mines and Geosciences Bureau has blamed the siltation in the Allah River as among the factors that resulted in recent floods in the communities downstream.

Mr. Lopez, however, said siltation had been there even before the project was approved. To cushion the impact of the project on the community, he said the joint venture has started coordinating with local government units.

“The provincial government is supporting investors like our company because it is the only foreign investor in the province,” he said.

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