MANILA, Philippines - Property-to-mining firm MRC Allied Inc., together with an Australian holding firm, is looking to list a subsidiary on the Frankfurt Stock Exchange, a major bourse in Germany.
In July, MRC inked an agreement with Capital Gold Pty. Ltd. to jointly develop a 3,718 hectare copper-gold prospect in Surigao del Sur with a possible listing overseas of a new subsidiary.
Under the agreement, Capital Gold was supposed to issue 40 million of its issued shares to MRC in exchange for 40 percent of MRC Surigao, a local subsidiary that holds the right to develop the tenement in Marihatag, Surigao del Sur.
In a statement to the stock exchange, MRC chairman and president Benjamin M. Bitanga said the company has not executed any agreement on the matter but promised to immediately advise the bourse as soon as the proposal has been firmed up.
MRC has expanded its mining portfolio with the acquisition of a 2,059 hectare gold and copper mining project in Surigao del Sur for P140 million.
MRC will inject this mining agreement into a wholly-owned subsidiary to be capitalized at P1 billion.
The company’s entry into the mining industry started with the acquisition of the 8,200-hectare Kiblawan prospect, which straddles between Sultan Kudarat and Davao del Sur.
The Kiblawan mine is adjacent to the $5.2-billion Tampakan copper-gold project.
Since then, the company has acquired three more mining assets that have effectively increased its net asset value to P3.2 billion.