SOVEREIGN wealth fund manager Maharlika Investment Corp. has signed a binding term sheet to provide a $76.4-million bridge loan to Makilala Mining Co. Inc. (Makilala Mining).
SOVEREIGN wealth fund manager Maharlika Investment Corp. has signed a binding term sheet to provide a $76.4-million bridge loan to Makilala Mining Co. Inc. .The funding will facilitate early-stage development of Makilala's Maalinao-Caigutan-Biyog Copper-Gold Project in Kalinga province.'Our investment decision reflects a shared commitment to the sustainable, inclusive, and regenerative development of the MCB Project ,' MIC President and CEO Rafael Consing Jr. said in a statement.
Consing said the loan — to be disbursed in tranches with an immediate $10 million to be used to start projects — would also help Makilala Mining meet financial capability requirements under its Mineral Production Sharing Agreement with the government.'The agreement also includes provisions ensuring MIC's oversight and participation in key project management decisions,' he added.Discussions on additional equity financing for the MCB Project are ongoing, Consing continued.
Injects $76.4M Into Copper-Gold Project
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