Economic Rules Hub
  • World
  • Politics
  • Business
  • Investing
Home Investing PH Govt confirms MMCI’s Financial Capability, MPSA Now Permanent
Investing

PH Govt confirms MMCI’s Financial Capability, MPSA Now Permanent

by admin April 8, 2025
April 8, 2025

Celsius Resources Limited (“Celsius” or “CLA”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has received formal confirmation from the Philippine Department of Environment and Natural Resources (“DENR”) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”)1.

HIGHLIGHTS

  • The Philippine Department of Environment and Natural Resources (DENR has formally accepted the binding term sheet which outlines the key terms of a bridge loan facility between Maharlika Investment Corporation (MIC) and Makilala Mining Company, Inc. (MMCI) as sufficient proof of financial capability.
  • This confirmation marks MMCI’s full compliance with the remaining provisional requirements of the Mineral Production Sharing Agreement (MPSA) for the MCB Copper-Gold Project, locking the MPSA for a full 25 years, renewable for another 25.

This follows the DENR’s acceptance of the binding term sheet which outlines the key terms of a bridge loan facility of up to USD76.4 million, executed between MMCI and Maharlika Investment Corporation (“MIC”), a government-owned and controlled corporation, in February 20252 (“Binding Term Sheet”). The Binding Term Sheet was evaluated and endorsed by the Mines and Geosciences Bureau (“MGB”) which noted that:

  • The Binding Term Sheet provides a structured and credible financial mechanism for MMCI’s mining operations; and
  • The involvement of MIC significantly enhances MMCI’s financial standing and credibility, offering strong assurance of continued support.

MMCI is expected to submit all related and forthcoming financial documents to the DENR and MGB and to update its Three-Year Development/Utilisation Work Program accordingly, in line with the terms of the MPSA and DENR Administrative Order No. 2010-213.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“We are extremely pleased to have achieved this important regulatory milestone for the MCB Project. The acceptance of the Binding Term Sheet by the DENR and the MGB is not only a testament to MMCI’s commitment to responsible and well-funded development, but also reflects the strong support and credibility provided by our partnership with Maharlika Investment Corporation.

On behalf of CLA and MMCI’s management and staff, again, I would like to extend my heartfelt gratitude to MIC for their confidence and catalytic funding support to the Project, and to the DENR and MGB for their professionalism and guidance throughout the compliance process.

We remain committed to ensuring that the MCB project delivers lasting and sustainable economic benefits to our host communities, particularly in Balatoc, the Municipality of Pasil, and the Province of Kalinga, as well as meaningful contributions to national development, all while upholding environmental stewardship and shared prosperity.

Now that we have fulfilled our compliance with the conditions of the Mineral Production Sharing Agreement, we are in a strong position to proceed with mine development and construction. We remain steadfast on our commitment to sustainable development by balancing resource efficiency with environmental stewardship and social responsibility.”

MIC and MMCI will now proceed with signing the Omnibus Loan and Security Agreements (“Agreements”) reflecting the terms of the Binding Term Sheet signed with MIC in February 2025.

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterPinterestEmail
previous post
Cizzle Brands Announces that All 134 Metro Locations in Ontario Will be Offering CWENCH Hydration Ready-to-Drink Beverages
next post
Rare Earths Stocks: 9 Biggest Companies in 2025

Related Posts

Juggernaut Files for Final Approval of Oversubscribed Financing

May 31, 2025

Brunswick Exploration Completes Brokered Private Placement for Gross Proceeds of...

May 31, 2025

Ontario Backs Down on Key Bill 5 Provisions, Echoes BC’s...

May 31, 2025

1911 Gold Temporarily Suspends Operations at True North Complex due...

May 31, 2025

NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export...

May 31, 2025

Top 5 Canadian Mining Stocks This Week: Adyton Sparkles with...

May 31, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • The secret war between cat lovers and the abusers who profit from cruelty

      May 31, 2025
    • These toys are so hot that Chinese customs agents have seized hundreds of them in recent weeks

      May 31, 2025
    • Israel’s plan to ‘conquer’ Gaza is leaving Palestinians with little place to go: 5 maps show how

      May 31, 2025
    • US calls for Asia allies to boost defenses in face of China’s ‘imminent’ threat, Hegseth tells top defense forum

      May 31, 2025
    • US senators meet with Zelensky in Kyiv as doubt cast over upcoming Ukraine-Russia peace talks

      May 31, 2025

    Categories

    • Business (1,381)
    • Investing (3,351)
    • Politics (4,492)
    • World (4,402)
    • Email Whitelisting
    • Terms and Conditions
    • Privacy Policy
    • Contacts
    • About us

    Disclaimer: EconomicRulesHub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EconomicRulesHub.com | All Rights Reserved

    Economic Rules Hub
    • World
    • Politics
    • Business
    • Investing