MRC Allied Inc. has sold its mining assets in Mindanao to mining veteran Salvador Zamora II
In a disclosure to the Philippine Stock Exchange on Thursday, MRC and Zamora have signed a memorandum of agreement for the sale of the former’s rights to mining projects worth Php1.5 billion. Half of the amount was already paid, while the remaining half “shall be from the 50% revenue from operations up to [Php750 million] or if the buyer decides to sell the mining assets, the seller shall have 50% of the proceeds up to [Php750 million].”
MRC’s assets include the the Tampakan Copper-Gold project – its flagship venture; the 7,559.1-hectare Kibalawan Copper-Gold Project in Kiblawan, Davao del Sur and Columbio, Sultan Kudarat; the 4,860-hectare Boston-Cateel Copper-Gold Project in Davao Oriental; the 3,759.3-hectare Marihatag Copper-Gold Project in Surigao del Sur; and the 593.2-hectare Paquibato Copper-Gold Project in Davao City.
Zamora has been in the mining industry since 1970 through the establishment of Nickel Asia Corporation (NAC) where he became the company’s President and CEO from 2006 to 2009. Last week, NAC reported a 91% increase in its net income for 2021.
“This sale of mining rights will serve as an additional income of MRC into the holding industry. It will also bring the Company acquire other business entities to continue its aspirational goal of transforming from property business to a holding company,” the disclosure read.
