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Celsius Resources Ltd on Monday said it has signed an agreement to put in place the required 60% local ownership of its mining project in the Philippines. Celsius said its wholly owned subsidiary Makilala Holding Ltd has entered a binding deed with Philippine company Sodor Inc to acquire 60% of another wholly owned subsidiary, Makilala Mining Co Inc. Sodor will pay ₱300 million, about £4.5 million, for the legal interest. Celsius called the deal a ‘significant milestone’, explaining that it would allow MMCI to apply for a mineral production sharing agreement with the Philippine government for the Maaliano-Caigutan Biyog copper-gold project. Under Philippine law, a mineral production sharing agreement can only be signed if a company is ‘at least 60% Filipino-owned’, Celsius explained. The MCB project is in the Cordillera region, 320 kilometres north of the Philippine capital of Manila. Celsius added that its wholly owned subsidiaries entered an accompanying binding letter agreement with Sodor and its affiliate, PMR Holding Corp, to agree on a timeline for Sodor and PMR to provide about $43 million for a 30% economic interest in the MCB project. In a joint statement, Celsius and MMCI said: ‘We are indeed honoured to have Sodor Inc as our local partner in our vision to develop the MCB project as a model for transformative mining in the Philippines.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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