3 weeks ago
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MANILA, Philippines — Makilala Mining Co. Inc. (MMCI), the Philippine subsidiary of Celsius Resources Ltd. (CLA), has signed a binding term sheet with Maharlika Investment Corp. (MIC) for a bridge loan facility of up to $76.4 million.
The loan facility aims to fund early works for the MMCI’s Maalinao-Caigutan-Biyog (MCB) copper-gold project in Kalinga.
The financing will support MMCI’s feasibility study update, front-end engineering design and early development activities, including the construction of a main access road in coordination with the Kalinga provincial government.
Additionally, the funds will enable MMCI to meet the financial capability requirements of its Mineral Production Sharing Agreement with the Philippine government.
“The proceeds of the facility mark a critical milestone in the project’s funding, enabling immediate commencement of work with the initial funding amount of $10 million. Consequently, these works will no longer require direct funding from CLA,” Celsius said in a statement.
MIC, a company that handles the country’s sovereign wealth fund, approved the investment following a rigorous due diligence process assessing the technical, financial, legal and socio-economic aspects of the project.
MIC president and CEO Rafael Consing Jr. said that the MCB project aligns with the sovereign wealth fund’s mandate to drive economic growth and sustainable development.
“Our investment decision reflects a shared commitment to the sustainable, inclusive, and regenerative development of the MCB Project,” Consing said in a separate statement.
Australian Ambassador HK Yu PSM said she is thrilled that MIC’s mining sector investment is with an Australian-Filipino mining company.
“This project sends a very strong signal to the world that the Philippines is open for business,” she said.
“Australia is happy to partner with the Philippines in this important area, bringing our expertise in sustainable, community-based mining to support responsible and long-term growth,” she added.
MIC said that discussions on securing additional equity funding for the MCB project are ongoing.
