MRC enters mining project in Davao

Subscribe Now February 10, 2011 at 09:16pm

LISTED MRC Allied, Inc. has entered into an agreement for the exploration and development of a gold and copper project in Davao City.
In a disclosure, the firm said it had entered into a Mining Operations Agreement with Pensons Mining Corp., which owns the rights to the 8,475-hectare Paquibato Mines. "The agreement for the exploration and development of the Paquibato Mines was executed for a consideration of about P620 million," the firm said.

The firm said it would also be forming a wholly owned subsidiary, to be capitalized at P1 billion, to become the vehicle to perform its obligations under the agreement.

Last Jan. 10, the firm entered in a Mining Operations Agreement for a gold and copper property in Surigao del Norte. The agreement for the exploration and development of the project was executed for P310 million. MRC Surigao Mines, Inc., with P1 billion in capital, was formed under the agreement.

Last Nov. 8, 2010, the firm formed MRC Mining, Inc., also capitalized at P1 billion, to handle acquired gold and copper projects in Davao del Sur and Sultan Kudarat.

In October last year, the Philippine Stock Exchange approved the firm's additional listing of 3.12 billion common shares at a par value of P0.20, subscribed to by Menlo Capital Corp.

Source: bworldonline.com



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