MRC Allied Inc has entered into a mining operations agreement with Pensons Mining Corp for the exploration and development of the 8,475 hectare Paquibato Mines.
Pensons Mining currently owns the mining rights to the mine which is a gold and copper project in Davao City, Philippines.
MRC Allied said in a disclosure to the Philippines Stock Exchange that the agreement for the exploration and development of the Paquibato Mines was executed for a consideration of about P 620 million. It would be launching a wholly owned subsidiary that would perform the task set out in the agreement.
The subsidiary would be capitalized at P 1 billion soon. This is the second mining operation agreement for MRC Allied this year. On January 10 it had signed another agreement for developing a copper and gold project in Surigao del Sur. That exploration and development agreement was executed for P 310 million. MRC Surigao Mines was the subsidiary that was capitalized at P 1 billion thanks to that project.
MRC Allied is a group led by Benjamin Bitanga and Lucio Tan Jr. It has been actively seeking existing mine projects and is involved in acquired gold and copper projects in Davao del Sur and Sultan Kudarat.