Zamora buys the mining assets of the MRC

MANILA, Philippines – Publicly listed MRC Allied Inc. (MRC) is selling its entire mining assets to mining magnate Salvador “Buddy” Zamora II as it seeks to transform into a holding company and further diversify in the development of clean energy.

In a statement to the Philippine Stock Exchange yesterday, MRC said it had signed a memorandum of understanding (MOA) with Zamora for the sale of its mineral rights in four projects.

These are the Tampakan Copper-Gold Project and the Marihatag Copper-Gold Project in Tampakan, Davao Del Sur, and the Boston-Cateel Copper-Gold Project and the Paquibato Copper-Gold Project in Davao Oriental and Davao Del Norte.

Under the MOA, Zamora agreed to acquire the mining rights to the four mining projects for a total of 1.5 billion pesos, 50% of which would be paid upon signing the agreement.

The remaining balance will come from 50% revenue from operations up to 750 million pesos, or if the buyer decides to sell the mining assets, the seller will receive 50% of the proceeds.

MRC said the proceeds would be used to “acquire other business entities to further its ambitious goal of transforming a real estate business into a holding company.”

It will also allow the company to “diversify into energy, social and governance related portfolios, including but limited to renewable energy and other potentially viable projects that will add value to its business. and its shareholders”.