MANILA, Philippines - MRC Allied Inc. further beefed up its mining portfolio with a new deal that would allow it to take over a 2,059-hectare gold and copper mining project in Surigao del Sur.
In a disclosure to the stock exchange, MRC said it inked a mine operating agreement covering a parcel of land in the municipality of Marihatag for about P140 million.
MRC will subsequently inject this mining agreement into a wholly-owned subsidiary to be capitalized at P1 billion.
The company’s entry into the mining industry started with the acquisition of the 8,200-hectare Kiblawan prospect, which straddles between Sultan Kudarat and Davao del Sur.
The Kiblawan mine is adjacent to the $5.2-billion Tampakan copper-gold project.
Since then, the company has acquired three more mining assets that have effectively increased its net asset value to P3.2 billion.
Last month, MRC signed an agreement with Australian holding firm Capital Gold Pty Ltd. to jointly develop a 3,718-hectare copper-gold prospect on southern Mindanao island.