Photo credit: Celsius Resources
Makilala Mining Company, Inc. (MMCI) and PDEP, Inc., two wholly owned Philippine subsidiaries, have entered into a partnership with Sodor Inc. and PMR Holding Corp. to develop the MCB Project. The partnership will be formalized through the signing of a binding agreement. The two companies have also signed a Non-Binding Term Sheet outlining their common goal of obtaining a Mineral Production Sharing Agreement (MPSA) from the Philippine government.
Under the Philippine Mining Act of 1995, companies applying for the exploration, development, and utilization of natural resources under an MPSA must be at least 60% Filipino-owned. MMCI will hold the MPSA as a 60:40 joint venture, with 40% ownership by CLA and 60% by Sodor, Inc. MMCI will also be the owner and holder of the mining rights, interests, and licenses.
Celsius Chairman and MMCI Chairman and President Atty. Julito R. Sarmiento expressed excitement about the partnership and the potential for the MCB Project. He said, "We are very pleased to have Sodor Inc. and PMR Holding Corp. as our local partners for the development of the MCB Project. Their combined investment, which is based on a proven track record of profitability, operational efficiency, and a commitment to Environmental, Social and Governance (ESG) principles, will be invaluable in the success of the MCB Project and the revival of the Philippine mining industry."